Crowdtilt, a San Francisco, CA-based platform for funding group activities, experiences, and purchases, raised $12m in Series A financing.
The round was led by Andreessen Horowitz, with participation from Sean Parker, SV Angel and DCM, CrunchFund, Elad Gil, Alexis Ohanian (Reddit founder), Matt Mullenweg (WordPress founder), Naval Ravikant (AngelList), Dave Morin, Sam Altman, and Justin Kan (Justin.tv founder). In conjunction with the funding, Jeff Jordan (Andreessen Partner), will join the company’s board of directors.
The company intends to use the capital to continue to expand its product, with a new API.
Co-founded by James Beshara and Khaled Hussein, Crowdtilt is an online platform that allows groups to pool money with their friends or their community for an objective or event they care about. Users create a campaign, give it a description, add pics, decide how much they want to raise, tell thier friends about the campaign by tweet, email, and post on Facebook. Once the campaign reach the target, everyone’s cards are charged, and users get the funds via direct deposit.
The company is currently hiring (read here).