California Business Startup To Receive $13 Million In Funding
On behalf of The Law Office of Lynnette Ariathurai, A Professional Corporationposted in Business Formation & Planning on Thursday, February 6, 2014.
Sports have long been an essential part of many societies around the world. Honor, integrity and perseverance are just some of the qualities taught and developed through participation in sporting endeavors. These are just some of the reasons that sports are so popular among consumers. One new business startupin California is now looking to tap into the popularity of the sports industry.
Sqor is a new technology firm which is focusing on sports-oriented social networking. The company has recently received $13 million in pledged venture capital, which is the firm's first significant outside funding. This infusion of capital will allow the company to bring its publishing and social gaming platform to a whole new level. The company has already secured more than $4.4 million of the pledged $13 million.
The technology firm recently held a soft launch of its iPhone app which enables sports fans to keep in touch and follow more than 1,200 professional athletes. Former professional football player, Brett Favre, was an early supporter of Sqor. Athletes are attracted to the company due to the firm's revenue sharing model, according to a recently released report.
The California business startup company, initiated in 2013, will now have to decide exactly how it will use the newly acquired venture capital funds. This will require precise business planning in order to ensure efficient use of funds to create optimal profit. However, the technology firm will also have to make sure that the business plan also complies with any applicable rules and regulations.
Source: Venture Capital Post, California-based startup Sqor raising $13M for sports-centered social networking platform, No author, Feb. 3, 2014