Investors get Buzzd over location-based social networking

Buzzd, which specialises in location-based city guides and social networking, has reeled in its first round of investment led by Greycroft Partners and Monitor Ventures but so far hasn’t put a figure on the funding.

Buzzd says it’s going to put the funding towards “product development and distribution” and will get a new board member in the form of Fern Mandelbaum of Monitor.

What’s clever about Buzzd is that, as well as delivering all the usual city guide info from the likes of Time Out, it also makes use of social networking techniques to give users reviews on bars and the like from their friends – and who do you trust more to send you to a good bar than your mates? It’s also done a tie-up with a tequila firm, so users can even send their friends free drinks – nice touch.