Bonfyre said it was able to secure USD 1.7 million in investment capital from MKTG INC and angel investors. Based in St. Louis, Missouri, Bonfyre is a leading application that allows brands and organizations to connect with their audiences through experience-based micro social networks. The app enables Web, iPhone and Android users to share photos and provides a platform where they can plan and commemorate their special moments.
MKTG INC and unnamed angel investors gave the funding to capitalize on Bonfyre's ability to bring a new dimension to audience interaction and content sharing. MKTG INC's Chairman and Chief Executive Officer Charlie Horsey said, "MKTG invested in Bonfyre because it represents the future of social media interaction around events; targeted, mobile and 100% relevant." He added that the app has an elegant design and that it is easy to use. It also has a great potential to disrupt the event technology space.
Bonfyre Chief Executive Officer Mark Sawyier said about the international marketing services agency, "Bonfyre is about cultivating relationships, and there's no better relationship for Bonfyre than one with an industry leader like MKTG. The experience and insight of Charlie Horsey, Chairman and CEO of MKTG, will also be a welcome addition to our advisory board, and it's this innovative thought leadership that will propel Bonfyre to the forefront of social media for business."
Through monthly subscriptions and adaptable event solutions, Bonfyre said it is already getting revenues from its major event partners. It has more the 50 partners in its roster. These include ISES, Amazon, Express Scripts and Buweiser Made in America.
Bonfyre also said it plans to further expand its business model by following a LinkedIn-style "freemium" strategy. This model gives businesses free access to the platform's core features but lets them pay for advanced functionality and customized solutions.
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