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SimpleRegistry Receives CincyTech InvestmentWeb-Based Gift Registry Aggregates Endless Online Stores (March 23, 2012)
CINCINNATI, OH -- (Marketwire) -- 03/23/12 -- SimpleRegistry, a Web-based service that allows engaged couples, expectant parents and others to create a single gift registry that draws from endless retailers, has received a $150,000 investment from CincyTech as part of a larger seed-stage funding round.
The funding will help the company continue to develop a simple, enjoyable experience for consumers and to amplify public relations, advertising and marketing efforts in order to gain new members.
SimpleRegistry will focus on the wedding and baby industries, as research has shown that people use registries mostly for those life milestones.
"Instead of having 100 items registered at a few different stores and being limited to only what those few have to offer, SimpleRegistry allows a couple or a mom-to-be to register 100 different items at 100 different stores on one registry," said Tony Alexander, co-founder and CEO of SimpleRegistry. "They also can split expensive gifts into amounts they are more likely to receive.
"If you can take a picture of it and assign a monetary value to it, you can put it on your registry."
Alexander and two partners -- Brandon Warner and Chris Kolik -- launched SimpleRegistry in late 2010 and grew it to 3,000 members by the end of 2011, mostly through word of mouth.
The team already has launched one successful startup, Traveler's Joy, an online honeymoon registry, which is eight years old.
"The success of Traveler's Joy played into our decision to invest," says Rahul Bawa, director of digital and software investments for CincyTech, who has worked closely with the SimpleRegistry team throughout the investment process.
"Alexander and Warner have experience creating a revenue-generating startup and know the industry well from their previous company. Additionally, our research shows that more couples are moving to using the Internet exclusively to register for weddings and baby showers with individual wedding registries averaging about $10,000 worth of goods."
SimpleRegistry is CincyTech's 32nd investment.
SimpleRegistry makes it easy to create, manage, share and receive any type of gift for any occasion by incorporating items that are traditionally found on registries with non-traditional gifts that are hard to curate through a unified Web application.
CincyTech is a public-private venture development organization that invests in startup businesses in high-tech industries in Southwest Ohio. With substantial support from Ohio Third Frontier and corporations, foundations, civic organizations and individuals here, it is stimulating the growth of venture-worthy companies in information technology, bioscience and advanced manufacturing.
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