Two Oxford students have secured a six-figure investment for their online business after winning the support of a London development firm.The founders of GroupSpaces, which was set up in 2007 and provides online tools such as mailing lists for club and society organisers, this week announced that a consortium of business ‘angels’, including the London-based Avonmore Developments, has agreed to help fund their company.
At the age of 22, founders David Langer and Andy Young are the youngest ever members of Oxford Entrepreneurs Society to receive venture funding.The GroupSpaces team had to pitch their business plan at an investment meeting run by Oxford Early Investments, an ‘angel’ network that helps young companies earn the backing of investors.
The two were inspired to create their company after their experiences running various clubs and societies. Langer used to be a Blues Table Tennis captain and a Vincent’s Club (the Oxford Blues’ society) member whilst Young had a long-running stint as Vice President and IT Officer at Oxford Entrepreneurs. After a visit to Silicon Valley, the duo visited the headquarters of Facebook, Bebo and Google and were further spurred on to create GroupSpaces. Langer graduated from St Anne’s College last year and is the Chief Executive Officer of the company. He said of their success, “I’m delighted to be working with some really experienced investors. They have been working with young companies for the last eight years and I fully believe that they can help make GroupSpaces a big success.” The manager of Oxford Early Investments, Eileen Modral, said, “We were pleased to help GroupSpaces to raise the crucial funding they need to progress the development of their innovative software.”
With their new funding, the team now plan to expand their business outside of Oxford. Young said, “We have started talking to other universities but we want to ensure we are getting it right first by focusing on Oxford, which is quite demanding in itself anyway.” Asked where he imagines himself ten years from now, Young said, “I hope to be successfully running the company and to perhaps be embarking on a new venture.” by Katherine Hall
Oxford students secure six figure investment deal
