NY-based investment boutique CountryRoad Capital has provided $250,000-$500,000 in seed financing to iFamily, a Facebook geneology app. The iFamily flagship product, Family Tree, is reportedly the leading social genealogy application on Facebook (http://apps.facebook.com/ifamilytree or www.ifamily.bz). Since launching in June, Family Tree has recorded over 20,000 downloads and more than 62,000 family tree profiles. According to Facebook traffic measurement site Appsaholic, It is growing at a rate of greater than 40% per week.
We believe the valuation for iFamily’s seed round was approximately $1 million. This compares to the rumoured $3 million TripAdvisor was said to be about to fork over for another Facebook app, “Where I’ve Been,” last week. Mashable pronounced that rumoured price “INSANE.” Based on the app’s growth, we thought it seemed reasonable.
CountryRoad was founded by Andrew Merkatz in 2005. The firm or its principals have invested in Seth Goldstein’s SocialMedia.com (another Facebook app), ElectroEnergy (EEEI), Global Options Group (GOPG), iWin, Majestic Research, Odyne (ODYC) and VirtualScopics (Nasdaq: VSCP).