Portland tech startup lands $1.9M in funding
Certify, a tech startup in Portland, said today it has secured $1.9 million in funding to begin marketing a product it claims will change how businesses use expense reports.
The company, founded in May 2008 by seasoned entrepreneurs Robert and Alan Neveu, has developed software and on-demand applications to streamline collecting and processing expense reports for companies. With Certify, a user can access an application on their iPhone or BlackBerry to photograph a receipt and immediately file it in a digital expense report. The product also allows managers to set spending limits and get alerts if an employee is exceeding their expense allocation. "It's really changing employee behavior around spending and doing an Excel spreadsheet that everyone rubber stamps," Heath MacArthur, Certify's director of eCommerce, told Mainebiz.
Certify, which employs nine people at its Portland office, already has completely built the software and has signed around 50 customer companies and individuals, which amounts to a couple thousand users, MacArthur says. The $1.9 million in funding is really about "marketing and telling the world about Certify," he says.
The company's first round of funding include venture capital firms and angel investors, such as investment firm Fluffco LLC, Transactis CEO Joe Proto, angel investor Esther Dyson and Alpine Meridian CEO William Benedict, according to TechCrunch. MacArthur says Maine's Small Enterprise Growth Fund is also an investor.
This is not the first tech startup the Neveu brothers have founded in Portland. The pair, who both graduated from Deering High School, founded RecruiterNet in Portland in 2000. That company, which developed applicant tracking software for Fortune 500 companies, employed more than 100 people before it was acquired in November 2005 by First Advantage, which eventually moved the company out of Maine.
Go to the item from TechCrunch >>
Most Recent
Most Recent
Comments