SnipSnap raises $480,000 angel round after hitting 100,000 devices - Technical.ly Philly

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May 22, 2012 11:46 am

SnipSnap raises $480,000 angel round after hitting 100,000 devices

The new mobile app company raises a round of funding that includes prominent tech business leaders in Philadelphia, like GSI Commerce head Michael Rubin.
Photo courtesy of SnipSnap

Photo courtesy of SnipSnap

SnipSnap, the Philadelphia-based iOS coupon-saving app, has raised a $480,000 angel round, according to a filing with the SEC.

Founder Ted Mann said in an email to Technically Philly that as soon as some additional financial transfers land, the total will reach $555,000 so far on this note. He says that the round was led by several current and former executives at well-known local technology companies.

Mann says that the angels include GSI Commerce founder Michael Rubin, Pointroll founder Jules Gardner and current GSI Commerce CEO (and former Pointroll CEO) Chris Saridakis, among other family and friends. Mann tells us that Ben Franklin Technology Partners is in the round for $100,000, not $50,000 as previously reported.

According to the filing issued on Monday, the company can raise a total of $900,000 on the note. Mann says the company may consider working toward a Series A round instead.

The news comes after a company announcement yesterday that it has reached 100,000 devices after being featured in Apple’s App Store for a week.

Funds will go to operation costs, which will soon include new hires around business development and marketing. We first reported on the company’s plans to raise about a half-million dollars earlier this month.

The company will also be demoing the product at TechCrunch Disrupt at 2:30 this afternoon.

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