Leesburg, VA (PRWEB) September 03, 2014
Militello Capital, a greater Washington, DC private equity investment firm, announces its participation as a lead investor in the most recent round of financing for Fancred, a Boston-based mobile and online sports community.
Militello Capital is not alone in seeing great opportunity to capitalize on the seemingly insatiable appetites of sports fans looking to connect with their teams. Atlas Ventures and Linda Pizzuti Henry, wife of Boston Red Sox and Boston Globe owner John Henry, joined Militello Capital as existing investors who participated in the latest $3 million funding round, as did new investor Breakaway Innovation Group.
“When we identify investment opportunities, we look to capitalize on innovation and ideas in the real economy. Sports fans have never been more rabid about their favorite teams. Social media represents an avenue where the desire to connect with other fans and share information about experiences can be satisfied in a way that wasn’t possible until recently,” explains William Militello, CEO and co-founder of Militello Capital.
Militello notes the funding will allow the company to further its product development, enhance user experience, expand its team and grow strategic partnerships. Currently, Fancred is only available as an iOS app, but the company plans to extend to other platforms such as Android, as well as create a more iPad-friendly app to continue growing its community of loyal sports fans.
“Our investments are designed to align capital with the ideas and innovations that can have a real, tangible impact on people’s lives,” says Militello. “With Fancred, we see a provocative opportunity to invest in a company that is truly responsive to where digital communities are headed. Most importantly, being involved at this stage allows us to get closer to the deal.”
Founded in 2012, Fancred’s mission is to build the world’s largest sports community by offering users a digital scrapbook to capture their favorite sports moments and connect with other fans and teams. Coming soon to Android, Fancred is currently available on iOS and Fancred.com
About Militello Capital
Militello Capital is a Northern Virginia-based private equity investment manager working exclusively with registered investment advisers (RIAs) who aim to broaden their portfolio allocations to include entrepreneurs and real estate. Militello’s investment philosophy and strategy are based on the principle that today’s wealth is created in the real economy. The firm currently offers RIAs two distinct investment strategies that complement their existing portfolios: direct investments in income-producing commercial real estate and emerging technology venture capital.
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