Sales Tech Platform Scores Funding Boost

Updated:
Frank Dale is a co-founder of Costello. Frank Dale is a co-founder of Costello.
INDIANAPOLIS -

A less-than-two-year-old sales technology company has announced a second round of funding. Costello, which bills its platform as a "real-time sales playbook," has secured $2.1 million in seed funding from investors in Indiana -- Collina Ventures LLC Innovatemap Ventures, Elevate Ventures,
Innovate Indiana, serial entrepreneur Chris Baggott and Copper Mountain Technologies Chief Executive Officer and former T2 Technologies executive Irena Goloschokin -- as well as Nebraska-based Dundee Ventures and Social Capital, a Silicon Valley investor. Chief Executive Officer Frank Dale says Indiana companies have to work harder for investment than startups on the coasts.

Dale says the company is almost exclusively funded by venture capital, which is hard to come by. Costello's location, he adds, makes it even more of a challenge. "If you're in Indiana, in particular -- and the Midwest is still a little bit capital-starved -- it's tough, so you have to really, really excel to stand out," Dale said. "You have to execute at an elite level, because they (investors from the Coasts) have lots of opportunities to invest in companies in California, or in Boston or New York, and they don't have to get on planes to do that."

In an interview with Inside INdiana Business, Dale discussed how the funding will be used. "We'll be hiring people in sales and customer support. So, we're very excited about that because we're starting to bring on more and more customers and we're excited to do that at an accelerated rate," he said. "And then as well as product development, so, we've already doubled the size of our engineering team to keep up with customer demand for the product."

The company's platform was launched in late-2017 and received a $1 million round of startup funding. Early this year, it detailed expansion plans at The Union 525 in downtown Indianapolis, which involve 65 new jobs by 2021. Costello's technology is designed to help sales representatives prepare for calls, ask questions and "tell relevant stories" to boost sales.

Dale and fellow co-founder Rod Feuer appeared on Inside INdiana Business with Gerry Dick earlier this year to talk about Costello's growth plans:

Costello Chief Executive Officer Frank Dale discussed how the funding will be used.
  • Perspectives

    • Regional Investment Proposal Could be a Game Changer for Quality of Place Initiatives in Indiana

      While quality of place may be defined differently by people, a growing number of Hoosiers recognize the importance of this issue. In particular, the impact of quality of place on talent attraction and retention in a geographic area cannot be ignored. The future of every community is dependent on quality of place. Like many Midwestern states, Indiana is not growing at the same pace as areas in the southern and western regions of the United States.

    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

    • The Vogue opened as a movie house in 1938, then reopened as a nightclub in 1977. (Picture Courtesy: The Vogue)

      Tech Vets Purchase Popular Indy Nightclub

      A group of Indianapolis tech entrepreneurs has bought a popular nightclub in the city's Broad Ripple neighborhood. High Alpha co-founder Eric Tobias and former MOBI executives Scott Kraege and Andrew Davis say they will retain the Vogue's current staff to manage the venue's day-to-day operations. The new owners say they will detail plans to reinvigorate the Vogue through enhanced fan experience and engagement in the coming months. Tobias, Kraege and Davis purchased the Vogue...

    • (Image courtesy of the Indianapolis Colts.)

      Colts Announce 2019 Regular Season Schedule

      The 2019 NFL schedule is out and the Indianapolis Colts will play in several high-profile games. All three of the Colts’ 2019 primetime games will be on the road against defending division champions. 

    • Bryan Brenner is the CEO of FirstPerson and a founding partner of Performance Lab.

      FirstPerson Execs Launch Performance Lab

      A new firm founded by executives from Indianapolis-based FirstPerson says it wants to help companies strengthen performance. Performance Lab uses a field test known as the Performance Climate Survey, which provides insights into a company’s performance culture. Founding Partner Bryan Brenner, who is also the CEO of FirstPerson, says the firm has already landed a number of early customers, including Goodwill Industries, the Indy Chamber and the Central Indiana Community Foundation.

    • Skilled Nursing Facility Proposed for Merrillville

      A new $7 million skilled nursing facility is being proposed in Merrillville. Our partners at The Times of Northwest Indiana report the development would include five residential buildings outfitted with 12 beds, a dining area, beauty salon and spa. 

    • 2019 'Stellar' Finalists Announced

      Lieutenant Governor Suzanne Crouch has unveiled the finalists for the 2019 Stellar Communities Program. The four regions selected will receive a planning grant and work with the Indiana Communities Institute at Ball State University on project alignment and continued planning efforts. Stellar Communities, launched in 2011, is led by the Indiana Office of Community and Rural Affairs and aims to boost community and economic development and promote local and regional partnerships.