Cheddar Lands Some Cash of Its Own

Posted: Updated:
Cheddar's origins date back to 2009 and Bloomington's SproutBox venture studio. Cheddar's origins date back to 2009 and Bloomington's SproutBox venture studio.
BLOOMINGTON -

A Bloomington-based billing technology company has received a $1.25 million round of funding. Cheddar, formerly known as CheddarGetter, says it is one of the first tech companies in Bloomington to secure venture capital from outside sources. Chief Executive Officer Mike Trotzke says the platform is tapping into the future of where billing is headed by "being very, very effective for doing usage-based billing" for its software-as-a-service customers.

Trotzke tells Inside INdiana Business Cheddar is poised to grow into a "very large business in a very short period of time." The company currently employs 4 and Trotzke says it could add 10 or 11 over the next year. In the coming years, he says anticipates rapid customer growth to drive that number into the 30s or 40s. "Rather than say 'okay, I'm billing you $40 a month flat, or I'm just billing you one time $40,' our system tracks what people are doing inside of a software -- inside of your software -- and then bills them accordingly," Trotzke says. "Variable monthly billing is something that is really, really hot. Consumption and usage-based billing are sort of the future of SaaS and that's a really growing market and our product serves that very, very well."

Investors were sourced up from throughout the Midwest and include M25 Group, a Chicago firm that led the funding round, as well as Cincinnati-based Connectic Ventures, Harbor Street Ventures and Warhawk Ventures in Chicago, SixThirty and Cultivation Capital of St. Louis, Lafayette-based Little Engine Ventures and Indiana's Elevate Ventures. The mix of funds from throughout the region, says Trotzke, suggests significant development of what has traditionally been a weak venture capital scene in the Midwest. "Obviously, that meant for me, that I had to do some travel from Bloomington around to find some solid seed funds to participate," Trotzke says. "However, in comparison to, you know, say five years ago, when that travel meant back-and-fourth between New York and San Francisco and a very unlikely 'yes,' because investors don't want to invest that far from home"

Cheddar was launched in 2009 through the SproutBox venture studio, which was co-founded by Trotzke and Marc Guyer and is also based in Bloomington.

  • Perspectives

    • Market Volatility - Fodder for Financial Fears

      Fact: The value of the stock market goes up and down.  It’s called “market volatility”.  How concerned should you be with a thousand point change in the index? Since your reaction can impact your personal portfolio, it’s most important that you have a good perspective. Significant price movements in the stock market grabbed headlines and captivated media pundits throughout 2018. The last week of the year the market experienced large price swings...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Indiana Liquor Group to Buy Save-On Liquor Chain

      Indiana Liquor Group LLC will work with the Indiana Alcohol & Tobacco Commission this week for final approval of its purchase of Save-On Liquor stores. Our partners at The Herald Bulletin report Phillip E. Miller agreed to sell the 31-location package store chain to ILG last month. 

    • Books & Brews Acquires Flat12 Bierwerks

      Indianapolis-based Books & Brews has announced its acquisition of Flat12 Bierwerks, also based in Indy. Financial terms of the deal are not being disclosed, however Books & Brews says it will continue to operate Flat12 under the same brand name. The acquisition is a continuation of an existing partnership between the two entities. Books & Brews says Flat12 has been a brewery partner for the past two years, brewing all of B&B's flagship and seasonal beers.

    • New Tourism Director Has Plans For Growth

      The new director of the Indiana Office of Tourism Development says she hopes to create a strategic plan to continue the growth of tourism in the state. Misty Weisensteiner began her new role earlier this month after being appointed by Lieutenant Governor Suzanne Crouch in December. The former executive director of the Orange County Economic Development Partnership says tourism and economic development go hand-in-hand and there needs to be a greater focus on that relationship.

    • Loeb Stadium Project in Final Design Phase

      The $17 million overhaul of Loeb Stadium in Lafayette is in its final planning stages. The Journal & Courier says the overall design of the project is complete, which includes flipping the field, an additional suite and a new entrance designed to be a more visible landmark. Lafayette Mayor Tony Roswarski unveiled plans for the reimagining of the more than 75-year-old stadium in 2017. The city council earlier this month approved a $17 million bond to fund the project.

    • BMWC Constructors Announce Leadership Changes

      Indianapolis-based BMWC Constructors, Inc. continues their strategic growth with leadership changes. Chairman of the Board Jim Davis retired after eight years in the role and after 30 years with the company.  President and Chief Executive Officer Brian Acton will move into the role of Chairman of the Board, while remaining CEO.