CircleUp, a developer of social network communications tools, has closed a $3 million first round funding led by Sid R. Bass Associates. The Newport Beach, CA-based company, which was founded in May 2006, claims 10K users. It runs as a free, standalone service designed to streamline the sending of mass e-mails within a social community. CircleUp also offers IM as an embedded service available within the sites of those who sign up for the service. Release (via American Venture Magazine)
SoCalTech: Sid R. Bass Associates contributed $2.5M to the round. There are no other institutional participants involved, but CircleUp’s unnamed initial seed funders also participated.