Boardable Completes $3M Round
INDIANAPOLIS - An Indianapolis-based tech company has closed on a $3 million seed round of funding. Boardable, which provides an online management platform for nonprofit boards, says it will use the funding to accelerate hiring, add product options and increase marketing efforts. The funding round was led by High Alpha Capital and included participation from VisionTech and Collina Ventures, all Indianapolis-based investors.
Boardable aims to double its number of full-time employees to 30 by the end of 2020. In an interview with Inside INdiana Business, Chief Executive Officer Jeb Banner said the company is also looking to add a second office in Australia.
"Australia and New Zealand is an interesting market for us; it's a little more mature because one of our competitors launched there about 20 years ago, so it's a fairly educated market," said Banner. "That Australia/New Zealand market is actually about 10% of our current customer base. Boardable has customers in about 25 countries now and so that's becoming an increasingly large share of our customers and they're very educated customers."
The company says the funding will aid in the development and launch of new product options targeting small nonprofits, volunteer groups and businesses, as well as what it calls more robust options for customers requiring advanced features.
The funding round comes just seven months after Boardable secured $1 million in seed funding, which was also led by High Alpha Capital.
“Boardable has proven to be an essential tool for nonprofits looking to better engage their board members,” High Alpha Partner Eric Tobias said in a news release. “With our last investment, we have seen that Boardable is transforming the nonprofit tech space and we are excited to help them accelerate their growth even more.”
Banner says receiving continuous funding from Midwest investors showcases the vitality of the Indiana tech scene.
"I think what you see in Indiana and the Midwest in general is you have people building very practical businesses that solve a real problem, usually a B2B problem," said Banner. "The thing that's in common with all of these investments here with High Alpha and a lot of other Midwest investors is they see a real business that is bringing real value to customers that are willing to pay for it and they see leadership in a team that's very focused on delivering a high-quality product and experience around that product."
Banner adds the funding and expertise it received from High Alpha earlier this year helped the company more than triple its recurring revenue so far this year.