Foundry Group leads $7M funding round for Borrowed & Blue

BOULDER — The Foundry Group, a venture-capital firm based in Boulder, led a $7 million funding round for Borrowed & Blue Inc., a wedding-vendor marketplace based in Charlottesville, Va., that has an office in Boulder.

Foundry Group partner Jason Mendelson will be joining the company’s board of directors. Foxhaven Asset Management, Accomplice VC, Galvanize Ventures and Service Provider Capital also participated in the round.

The company said it will use the funds to build out its product and marketing teams, expand to the rest of the United States, and launch a transactional marketplace for the wedding industry.

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Borrowed & Blue’s co-founder and chief executive Adam Healey said the firm is preparing the launch of the marketplace that will allow couples to book their venue, photographer, planner and all their other day-of wedding vendors on the platform.

According to the company, 2.2 million couples get married every year in the United States. The average couple spends $24,000 on day-of wedding vendors, making weddings a $53 billion market.