Ello secures $5.5m funding, commits to no-advertising approach

Seed funding

Luxe Demand, an on-demand valet service, has raised $5.5 million in seed funding from Redpoint Ventures, Google Ventures, Lightspeed Venture Partners, Upfront Ventures and Foundation Capital. The company also launched its service in its first city, San Francisco. The Luxe app allows users to order a valet service anywhere in the city. Valets meet users at their destination on scooters, park their car and then return it when the car owner is ready to leave. Similar services include Zirx and ValetAnywhere.

Series A

Ello, the social media website, has raised $5.5 million in funding, led by Foundry Group, Re/Code has reported. The company also filed in Delaware as a Public Benefit Corp., meaning it cannot legally go against its promise to never sell advertising on the social network. Ello CEO Paul Budnitz told Re/Code that the website has over a million users, with more than 3 million on a waiting list to join up. The company’s servers have at times struggled to cope with the demand, and it has had to freeze sign ups at some points, according to Budniitz. Techstars Bullet Time Ventures and FreshTracks Capital also participated in the funding round.

LLRpartners

Read the release here.