RallyPoint, a social network for current and former military service members, has raised an additional $5 million, the company revealed in a regulatory filing this week. The latest round of investment brings it total funding to $12 million, with participation by investors including DBL Investors and Asset Management Ventures, both Bay Area venture capital firms specializing in the tech sector.
Launched in 2012, RallyPoint has grown to 14 employees and has over 550,000 members, equal to about one fifth of the active-duty military and one tenth of the total military community, including former service members. That’s up from around 100,000 members a year after it launched. The network has divisions devoted to the various branches of the U.S. military, including the Army, Navy, Air Force, Marine Corps, and Coast Guard.
The network also has connections with over 13,000 employers, including over 11,000 that already employ veterans, as well as over 2,000 universities, reflecting its focus on professional development and recruitment for former military service members. On the active duty side it offers interactive, hierarchical org chart showing all the current U.S. military commands around the world and their current staffing levels, allowing personnel to search for potential postings and new opportunities they might not have been aware of.
According to co-founder Yinon Weiss, the latest round of funding will help “to grow engineering and sales in order to help support and accelerate this growth.” Although its revenue model is still a work in progress, the company hopes to make money with ads from banks, universities, and other services targeting active duty service members and veterans, as well as corporate recruiting.
Last December RallyPoint launched a mobile app, and in February of this year it announced that Konstantin Guericke, a co-founder of LinkedIn, was joining its board of directors.