Groopic has bagged a lot of popularity due to its unique feature that “makes the photographer part of the photo”. This amazing app has been developed by a great team of students and researchers from LUMS. Well, here is the big news:
Groopic, a Pakistani technology startup founded by four students and researchers of Lahore University of Management Sciences (LUMS), has just closed a US$ six figures investment from Kima Ventures, the seed stage fund that also financed Shopistan recently.
Based on details of the funding disclosed by Groopic, the investment is in the form of a convertible debt that can value the company at US$ low seven figures if converted to equity assuming a qualified financing event takes place.
Groopic, registered in Pakistan as Eyedeus Labs, also spent time at Plan9 and the prestigious BlackBox Connect program in the Silicon Valley for two weeks. The program is sponsored by PASHA and Google for Entrepreneurs. The company’s first product, an Android and iPhone photo app, called Groopic that allows the photographer to be a part of any picture he/she takes has received a lot of media coverage in Pakistani as well as international press.
In August, the team registered a US-based corporation named Groopic, Inc and shortly thereafter started work on their second product that aims to disrupt the video advertising market. Pre-roll, post-roll and banner advertisements on video content have typically been considered intrusive by the consumer. By employing their combined 30+ years of research in the field of computer vision, the team has developed technology to solve this problem and allow for content producers and publishers to monetize the video content through non-intrusive advertisements.
Talking about the investment, Ali Rehan, CEO of Groopic said:
“There is a lot of investment interest in Pakistani startups, both from local as well as international investors. We actually had offers from multiple interested parties, a couple of them introduced by the LUMS Center for Entrepreneurship, but decided to take the offer from Kima Ventures because it provided best overall value addition to the company aside from the capital injection.”
According to Khurram Zafar, Executive Director of LUMS Center for Entrepreneurship:
“This is excellent news for the entrepreneurial ecosystem of Pakistan. Recent investments in Popinjay, Shopistan, Zameen.com and now Groopic are testament to the increasing interest and confidence of investors in local startup businesses”
Groopic intends to use the capital to build out the development team (yes, they are aggressively hiring), improve the product, and engage in marketing and sales activities in the international market. We, at BlogoGist, wish them best of luck for their awesome future!