DETROIT — Saving money toward your goals just became a whole lot easier thanks to a new tech start-up based in downtown Detroit’s Madison Block. BoostUp (boostup.com) helps people save for life’s big purchases such as a car, home, wedding or trip.
Originally launched in Chicago in 2010 as Motozuma, Founder and CEO John Morgan moved the company to Detroit’s Madison Building in August to take advantage of the opportunities in its growing tech corridor. Since that time, BoostUp has expanded its services and more than doubled in size.
“Everyone could use some help saving money, which is what led me to create BoostUp,” Morgan said. “We are excited to be a part of the Madison Block tech community and to help our users’ save toward their goals.”
BoostUp is a social saving platform that enables consumers to save up and get monetary “boosts” toward life’s big purchases like a car, home, wedding or trip. Users can save their own money toward their goal, receive contributions from family and friends, and be rewarded with savings boosts from brands that want their business. For example, Hyundai will add a savings boost of up to $500 for BoostUp users when purchasing a Hyundai vehicle.
In addition to BoostUp’s partnership with Hyundai, the company has partnerships in 31 states with 142 car dealerships specializing in a wide variety of brands. BoostUp will soon be announcing major partnerships in the wedding, home and vacation industries.
BoostUp recently secured a $1 million round of funding, led by Detroit Venture Partners. Other investors include Cornerstone Opportunity Partners, angel investor Patrick Sullivan, and IncWell. As part of IncWell’s investment, Tom LaSorda, former CEO of Chrysler, has signed on as a BoostUp adviser.
“BoostUp represents a fresh approach for both consumers and advertisers,” said Josh Linkner, managing partner and CEO of DVP. “Consumers can systematically save for life’s biggest purchases while brands and retailers can build customer relationships early in the buying process. It is a win for both, and the company’s success will be a win for Detroit.”
