Cultivation Capital leads $6 Million in LockerDome Series A Funding; Launches Growth Fund to Support Portfolio Companies
Cultivation Capital leads $6 Million in LockerDome Series A Funding;
Launches Growth Fund to Support Portfolio Companies
LockerDome has now surpassed 10 million unique monthly users, doubling its growth in the past two months
SAINT LOUIS (MO) March 5, 2013 – St. Louis-based Cultivation Capital, one of the Midwest’s premiere tech and early stage venture capital firms, hit a major milestone this week: launching a new growth fund to spearhead a $6 Million Series A round of funding for its portfolio company, LockerDome. The investment reflects Cultivation Capital’s commitment to helping its portfolio companies grow and its commitment to enhancing the value of the fund’s previous investments in LockerDome.
Cultivation Capital general partners Cliff Holekamp and Brian Matthews designed and negotiated the $6 Million investment. Holekamp has been asked to take a seat on LockerDome’s Board of Directors, joining two other Cultivation Capital General Partners, Square co-founder Jim McKelvey and Brian Matthews, on the board.
“Every time we add a company to our portfolio, Cultivation Capital makes an incredible commitment to that company’s growth and continued success,” said General Partner Cliff Holekamp. “When we saw LockerDome’s explosive growth, we knew it was time to do something extraordinary to increase our support. That’s why we started a new general growth fund to lead this round of funding and that’s why we remain committed to giving LockerDome all the tools it needs to be successful for years to come.”
In February, LockerDome announced a major partnership with USA TODAY Sports Digital Properties. USA TODAY is now selling advertising on the site and LockerDome’s traffic is now included in the USA TODAY Sports Properties Network. The timing of this funding announcement directly coincides with LockerDome shattering a milestone of 10 million unique monthly visitors.
“[This announcement] speaks to the platform’s massive recent growth among sports fans and increased profile among knowledgeable investors,” said Gabe Lozano, co-founder and CEO, LockerDome. “This additional capital will be used to support our explosive growth and continued penetration of the sports market.”
At its current growth rate, LockerDome is on track to be one of the top-ten most visited sports sites in the next 12 months, and Cultivation Capital will be there supporting LockerDome every step of the way.
LockerDome is a social media platform for your sports life. More than 10 million people – athletes, fans, parents, and coaches – use LockerDome to consume content and interact with like-minded people around their favorite sports interests. LockerDome has approved 1,500 of the top sports brands in the country to launch their own LockerDome networks, which serve as interest-specific communities within LockerDome around their brands. Learn more at www.lockerdome.com.
About Cultivation Capital
Cultivation Capital is a St. Louis-based early stage Venture Capital firm investing in high potential technology companies throughout the Midwest. Cultivation Capital is managed by a team of experienced entrepreneurs, who have started more than 25 companies, raised more than $200 Million dollars and had several successful exits. For more information, visit http://www.cultivationcapital.com.