BoostUp, a Detroit, MI-based social saving platform, secured a $1m round of funding.
The round was led by Detroit Venture Partners (DVP), with participation from Cornerstone Opportunity Partners, angel investor Patrick Sullivan, and IncWell. In conjunction with IncWell’s investment, Tom LaSorda, former CEO of Chrysler, joined as a BoostUp advisor.
BoostUp is a social saving platform that enables consumers to save up and get monetary “boosts” toward big purchases like a car, home, wedding or trip. BoostUp users can save their own money toward their goal, receive contributions from family and friends, and be rewarded with savings boosts from brands that want their business. The company has partnerships in 31 states with 142 car dealerships specializing in a wide variety of brands with major partnerships in the wedding, home and vacation industries to come soon. Among them, Hyundai will add a savings boost of up to $500 for users when purchasing a Hyundai vehicle.
Originally launched in Chicago in 2010 as Motozuma, Founder and CEO John Morgan moved BoostUp to Detroit’s [email protected] Building in August 2013.