New York's Meetup closes second funding round for undisclosed amount

By VCPOST Staff Reporter

Feb 19, 2014 10:25 PM EST

Meetup, a 12-year-old local group network, has secured an undisclosed amount in its second funding round, according to VentureBeat.

Co-founder and chief financial officer (CFO) Brendan McGovern said the round was raised to allow a handful of its present and former workers to exercise their expiring stock options, the report explained. He also told VentureBeat that Meetup "did not take in any money in this transaction."

There may be some Meetup employees who want to sell their stock and move to another company, but Meetup said the number of those employees is not htat big. The investors in the said round included Twitter co-founder Ev Williams, Zappos chief Tony Hsieh, and Behance's Scott Belsky. The three individuals consider Meetup as a long-term investment, the report detailed.

On top of the second round, Meetup also announced a consistent 30% growth in its monthly RSVPs, the report added.

Meetup said the funding represents a part of its effort to keep the company private and does not see an initial public offering (IPO) or merger in the near future, VentureBeat reported.

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