Fort Wayne-based 3BG Supply Co. has completed a $600,000 round of seed financing. Indianapolis-based Elevate Ventures contributed to the funding for the technology-enabled distribution company through the Indiana Angel Network Fund.
Elevate Ventures says 3BG will use the financing to continue its goal of creating a comprehensive "interchange" database for industrial MRO products. Ultimately, 3BG aims to eliminate paper catalogs by creating a user-friendly system for companies seeking these types of products.
"The 3BG team has done an outstanding job building this company with no outside capital to date," said Chris LaMothe, chief executive officer of Elevate Ventures. "We are excited to support their next phase of growth into one of the potential market leaders."
Elevate Ventures says 3BG has grown to more than $1.2 million in annual revenues with more than 1,200 customers and added a small number of jobs since it was founded in 2010.