District-based startup Hinge announced on Monday a $4 million Series A funding that will fuel further development of its dating app and allow it expand to new markets.
Several local investors joined in the financing, which was led by New York-based Great Oaks Venture Capital. Other investors include Fortify Ventures LLC, 1776 co-founder Evan Burfield, Militello Capital and "one of the founders of LivingSocial," according to a news release.
Hinge is planning to release a "slicker and faster" version of its app designed for iOS 7 by the end of the year, according to co-founder and CEO Justin McLeod. The basic idea remains the same: The app lets users rate friends-of-friends on Facebook based on attraction, on a double-blind basis. When each party rates the other highly enough, Hinge makes the introduction.
The app is now live in D.C., New York and Boston. "We want to be in a lot more [markets] 12 months from now," McLeod said.
Also participating in the Series A were The Social+Capital Partnership, 500 Startups, Red Swan, Graph Ventures and others.
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