How Much Did Blue Raise? Funding & Key Investors

Blue has successfully raised funding through four Convertible Note rounds, attracting investment from notable backers such as TCA Venture Group and PasciVite. The platform leverages Bluetooth Low Energy technology to facilitate social interactions, offering features like Digital Social Card™ and Socialize-to-Earn℠.

Keep reading to explore the intricacies of Blue's fundraising journey and the investors backing this innovative platform.

What Is Blue?

Blue, founded in 2016 by Jose Montero and his father Jose Sr., is a company dedicated to enhancing social interactions through its innovative mobile app. The app leverages Bluetooth Low Energy technology to help users connect with people nearby, share contact details, and engage in social interactions without needing an internet connection.

Based in Riverside, California, Blue operates within the social networking and technology industry. The company has a small team of 1-10 employees and has successfully raised funding through convertible notes. Blue's app has achieved notable success, with over 2.5 million social interactions and 100,000+ downloads, making it a popular choice among users in 150+ countries.

How Much Funding Has Blue Raised?

1. Convertible Note
   • Amount Raised: Not publicly disclosed
   • Date: May 2020
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To further capitalize on its position as an innovative Bluetooth-based social network.
2. Seed
   • Amount Raised: USD 1,368,000
   • Date: April 2020
   • Lead Investors: Tim Draper
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To encourage social interactions through technology, maximizing social opportunities and leading users back to in-person social behavior.
3. Equity Crowdfunding
   • Amount Raised: Not publicly disclosed
   • Date: March 2020
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To further capitalize on its position as an innovative Bluetooth-based social network.
4. Seed
   • Amount Raised: USD 400,000
   • Date: October 2016
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To further capitalize on its position as an innovative Bluetooth-based social network.

Total Amount Raised: USD 1,768,000. Current Valuation: Not publicly disclosed.

Key Investors

• Tim Draper
  • Details: Tim Draper is a billionaire venture capitalist known for his early investments in high-profile companies. He invested $1 million in Blue through Draper Associates.
  • Investment Focus Areas: Technology, innovative companies, disruptive industries.
  • Notable Investments: Tesla, SpaceX, Coinbase, Twitter.
• Draper Associates
  • Details: Draper Associates is a venture capital firm founded by Tim Draper. The firm invested $1 million in Blue.
  • Investment Focus Areas: Fintech, healthcare, consumer technology.
  • Notable Investments: Not publicly disclosed.
• Draper University Ventures
  • Details: Draper University Ventures is an investment arm associated with Tim Draper, contributing $100,000 to Blue's funding round.
  • Investment Focus Areas: Innovative technologies, startups from Draper University.
  • Notable Investments: Not publicly disclosed.
• TCA Venture Group
  • Details: TCA Venture Group is one of the major investors in Blue. Specific details about the firm are not publicly disclosed.
  • Investment Focus Areas: Not publicly disclosed.
  • Notable Investments: Not publicly disclosed.
• PasciVite
  • Details: PasciVite is another significant investor in Blue. Specific details about the firm are not publicly disclosed.
  • Investment Focus Areas: Not publicly disclosed.
  • Notable Investments: Not publicly disclosed.

What's Next for Blue?

Blue stands at the cusp of significant growth, leveraging its innovative Bluetooth-based social network to encourage in-person interactions. With a successful seed round led by Tim Draper, the company is poised to expand its user base and enhance its technology. This momentum could attract additional investors, paving the way for future funding rounds and potential acquisitions.

However, Blue faces challenges such as competition from other tech companies and the need to ensure user privacy and data security. As the company scales, maintaining product quality and user experience will be crucial. Despite these hurdles, Blue's unique approach and high-profile backing position it well for future success.

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