DebtGoal Receives $2 Million in Venture Funding

SAN FRANCISCO, April 14 /PRNewswire/ -- DebtGoal™ (corporate name GoalSpring Financial, Inc.), the leader in online personal debt management, announced that they have closed $2 million in Series A funding.  Including an earlier seed round led by New Cycle Capital, this brings the total financing of the San Francisco-based company to approximately $3.1 million.  Specific terms were not disclosed.

Tugboat Ventures of Palo Alto led the round and was joined by New Cycle Capital and Ed Ojdana, founder of FreeCreditReport.com.  Ed Ojdana and Dave Whorton, a venture partner at Tugboat Ventures, recently joined the DebtGoal Board of Directors.

"We founded DebtGoal as the antidote to the personal credit crisis that millions of Americans have faced over the last two years," said DebtGoal CEO Scott Crawford.  "In the months since we started, we've founded a new product category, signed major distribution partnerships, and helped our users start to pay off over $1 billion in debt.  This latest investment will help us continue to grow and expand our debt management services."

DebtGoal provides online, do-it-yourself tools that empower borrowers to pay off debt as quickly as possible.  Launched in December 2008, the company employs proprietary algorithms that can help users save over $35,000 in interest and get out of debt 16 years sooner.

"DebtGoal is the leader in a new market with enormous potential," said Dave Whorton, Venture Partner at Tugboat Ventures.  "Nearly half of American households say getting out of debt is their number one financial goal.  Solutions like Credit Counseling or Debt Settlement target distressed borrowers unable to make payments, but until DebtGoal there wasn't really a service that was appropriate for borrowers who were current on payments and wanted to pay off their debts.  I am excited about working with the DebtGoal team."

About DebtGoal

DebtGoal is the industry leader in online personal debt management.  Targeting the do-it-yourselfer, DebtGoal is helping its members organize, optimize and pay off nearly $1B in debt with its proprietary SmartPay Plan™, that calculates an optimal pay-down plan based on the user's preferences and ability to pay.  With its low monthly price and focus on helping users build credit by repaying what they owe, DebtGoal represents a dramatic departure from previous debt solutions that charge high fees or significantly harm credit.  For more information about DebtGoal, visit http://www.debtgoal.com.

About Tugboat Ventures

Tugboat Ventures is an early stage, mentor capital firm dedicated to investing significant time, energy and money in the highest potential entrepreneurs to assist them in building market-leading companies. Tugboat's active involvement starts as early as concept stage and continues through public offering and beyond.  Tugboat invests primarily in capital-efficient companies in software infrastructure, enterprise software-as-a-service, consumer internet, mobility and cloud computing. Current and prior companies served by Tugboat's team include Blue Nile, Drugstore.com, Good, Imperva, PGP, RepairPal, richrelevance, ShopItToMe and SuccessFactors. For more information about Tugboat Ventures, visit http://www.tugboatventures.com.

SOURCE DebtGoal