Bonfyre, the first app to connect brands and organizations with their audiences via cross-platform, event-based micro social networks, announced today that the startup has raised $1.7 million in investment capital. The round of funding is led by the international marketing agency, MKTG INC.
This is great news for St. Louis, which has become a bit of a haven for social network startups. Led by the success of LockerDome, not to mention Twitter by our town’s Jack Dorsey, Bonfyre is poised to be the next big “thing” on the social network global scene. Not only is this raise great for Bonfyre and its hardworking team of over 20 people, it also bodes well for the future of other developing St. Louis social media platforms, such as Pushup Social, Sqwid and Givver. These are indeed exciting times to be in the Gateway City.
International marketing services agency MKTG INC and angel investors have zeroed in on Bonfyre’s potential to redefine content sharing and audience interaction, investing nearly $2M to further Bonfyre’s already robust lineup of features.
“MKTG invested in Bonfyre because it represents the future of social media interaction around events; targeted, mobile and 100% relevant,” said MKTG’s Chairman and CEO, Charlie Horsey. “The Bonfyre app is elegantly designed, easy to use, and has enormous potential to disrupt the event technology space.”
“Bonfyre is about cultivating relationships, and there’s no better relationship for Bonfyre than one with an industry leader like MKTG,” said Mark Sawyier, CEO of Bonfyre. “The experience and insight of Charlie Horsey, Chairman and CEO of MKTG, will also be a welcome addition to our advisory board, and it’s this innovative thought leadership that will propel Bonfyre to the forefront of social media for business.”
So what’s next for Bonfyre? The company is already generating revenue from over 50 major event partners including Express Scripts, ISES, Amazon and Budweiser Made In America, through highly adaptable event solutions and monthly subscriptions. Additionally, Bonfyre’s leadership has set their sights on expanding the business model to monetize the service via a LinkedIn-style “freemium” model, in which businesses have access to core features free of charge, with more advanced functionality and customized solutions available at an additional cost.
“Having already worked with clients on hundreds of events, we’ve received invaluable feedback for the development of tools that will maximize the success and convenience of targeted audience engagement for our clients,” said Chris Dornfeld, President of Bonfyre. “Individuals and businesses are finding new ways to use Bonfyre every day, and their input will continue to be of crucial importance in the development of this product.”
No doubt Bonfyre is, well, firing on all cylinders. Since exploding onto the St. Louis stage last year they’ve grown their platform across the country and managed to get some of the biggest entertainment brands in the world involved with what they’re doing. Very impressive, and it looks like they’re just getting started, so stay tuned for more to come from this great company.