CoachUp scores a $2.2M Series A from General Catalyst
Two sided marketplaces appear to be all the rage lately. A day after pet services startup DogVacay pulled down a monster Series A round from a top five VC firm, on the other side of the country CoachUp is announcing it's raised its own $2.2 million from General Catalyst and Breakaway Innovation Group.
The power of two-sided marketplaces, as Benchmark's Bill Gurley explained yesterday, is that they solve problems for both the supply and demand side of the equation. In the case of CoachUp, it means that youth athletes and their parents find search for qualified, background checked sports coaches in their area. For the coaches, the platform offers what might be called "a target rich environment."
CoachUp has been live since May, and today graduates from the TechStars Boston accelerator program. In this short time, the company has seen registered coaches grow from 50 to more than 6,000 and has recorded 40 percent monthly revenue growth.
The company will use the new financing, which comes on the heels of this summer's $500,000 Seed financing round, to grow its team of eight employees and to increase marketing. The company will do so under the guidance of new board member, General Catalyst's David Fialkow.