23 year-old raises additional $1m for social media platform
Tagstr founder Michael Venn takes total funding to $2.6m with plans to develop "social sanctuary" app
Free social sharing app Tagstr, founded by 23 year-old entrepreneur to watch Michael Venn, has secured an additional $1m seed investment from a group of “high net worth individuals”.
Venn launched Tagstr in August 2014 to provide a “social sanctuary” for people to share their experiences, interests and passions without “egos” with the ability to share media using hashtagged themes – rather than using Instagram’s follower-based model.
Over the last year, the app has achieved over 500,000 downloads with more than 20 million images, audio clips and videos uploaded to the platform.
The investment, which takes the Cheltenham start-up’s total funding to $2.6m, will be used to support further development having recently added new updates such as an Explore page to view trending hashtags and the ability to upload multiple files at the same time.
Venn commented: “Tagstr was started to shake up the online sharing landscape [and] wanted to offer a platform where people could get the bigger picture.
“You need to be ‘socially connected’ to build media together everywhere else, but on Tagstr you don’t have to be friends or follow people to see their content. You can discover the world through hashtags in stunning quality as all media is organised and collated in one place capturing the world’s perspective.”