Mobile App Developer Splitwise Raises $1.4M Seed Round to Accelerate Growth
Splitwise, the Providence RI-based startup behind the mobile app that makes splitting bills with friends easier, has closed a $1.4M seed round from investors across the US.
Participating investors include Andrew Chen, Cyan and Scott Banister, Great Oaks Venture Capital, IDG Ventures USA, Rocketship.vc, Silicon Valley Bank, and others. The funding will be used to expand the software engineering team and accelerate the growth of the company’s financial management platform. Splitwise has raised $2MM to date.
“Our vision is to remove the stress and awkwardness money places on our interpersonal relationships, ” said Splitwise CEO and co-founder Jonathan Bittner. “No one likes talking about money with friends or family. We’re excited to have a great team of investors to help us accelerate growth, and proud to be building our team in the Providence tech ecosystem.”
Since its origins in 2011 as a calculator for sharing rent between roommates, Splitwise has grown into the most popular consumer web and mobile platform for splitting expenses and tracking IOUs with friends. Over $1B in expenses have been shared on the Splitwise platform in the last twelve months.
“Splitwise has built a world-class product that is growing rapidly from word-of- mouth among roommates, couples, and travelers,” said Pat Kenealy, Managing Director at IDG Ventures USA. “The service has powerful network effects and has come to dominate a large and growing part of the sharing economy .”
Splitwise was founded in 2011 by Jonathan Bittner, Ryan Laughlin, and Marshall Weir to make it easy to deal with shared expenses with friends and family. Splitwise participated in the Betaspring Accelerator in Providence in 2012 and is located at Founders League at 95 Chestnut St in Providence. The award-winning apps are available for free on iPhone, Android, and web at http://splitwise.com.
Contact: Jon Bittner, CEO, firstname.lastname@example.org
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