Funding Archives - Page 8 of 14

Chicago Startup: ParkWhiz Raises $2 Million, Parking Startups Are Hot In Chicago

Monday we reported that Chicago parking startup SpotHero had raised $2.5 million in funding. That was big news for the ExcelerateLabs alumni that’s currently working out of 1871. Now, we’ve heard that another Chicago parking startup called ParkWhiz has raised $2 million dollars.

ParkWhiz’ funding round was led by Hyde Park Venture Partners. Hyde Park Angels, Amicus Capital, Alexis Ohanian, Garry Tan, Henry J Feinberg, and Amreesh Modi also participated in the investment, according to builtinchicago.com. Ohanian is the co-founder of Reddit and Tan is a partner at Y Combinator.

ParkWhiz has been around a little longer than Chicago rival SpotHero. They originally came on the scene in 2006 and in the past 6 years have generated over $10 million in parking revenue to operators. They also have access to over 3 million parking spaces.

One of ParkWhiz’ major success stories is the partnerships they’ve formed with organizations that are key in the big event space. ParkWhiz is partnered with StubHub, Ticketsnow, several NFL and NCAA teams and other sports and entertainment venues.

“This financing allows us to realize our next stage of growth, beginning with the hiring of 20 additional employees,” said Aashish Dalal, CEO and co-founder of ParkWhiz said in a statement. “The wealth of knowledge and experience of our new board members will help us aggressively deliver unique capabilities to our customers and further solidify our position as the market leader.”

More than 1 million people have used ParkWhiz.com, the largest, fastest growing, online parking reservation company in the U.S. ParkWhiz allows users to compare price, location and amenities. Drivers may reserve special event parking and purchase discounted downtown parking at up to 80% off drive-up rates. The company works with over 2,000 parking lots nationwide, giving customers access to over 3 million parking spaces. ParkWhiz’s national footprint has enabled them to provide parking spot inventory that far exceeds their closest competition.

Joining co-founder Aashish Dalal on the company’s board will be Ira Weiss of Hyde Park Venture Partners and Henry J. Feinberg, former partner at Technology Crossover Ventures, the world’s largest technology oriented Venture Capital firm. Mr. Feinberg is currently the Chairman of Maxim Revenue Management Solutions.

“ParkWhiz offers a transformational service for finding optimal automobile parking,” said Henry J. Feinberg. “ParkWhiz will change how consumers and parking lot owners and operators do business similar to how Expedia changed travel, Netflix changed entertainment and Zillow changed real estate.”

Linkage:

Find ParkWhiz Here

BuiltinChicago Here

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Boston Military Startup: RallyPoint Raises $1.55 Million

Rallypoint, Boston startup, Military startup,startup,startup news

RallyPoint co-founders Yinon Weiss and Aaron Kletzing (photo: time.com)

A Boston startup called RallyPoint has just announced that they’ve raised $1 million dollars from angels in Boston, Washington DC and London reports the Boston Business Journal.

The military focused startup bills itself as “LinkedIn for military”. Currently serving members of the armed forces can create an individual profile and grow their professional network within the military. It’s a great way to connect service men and women with others they may have served with at different bases and on different tours. It’s also a great way to keep up with those folks as service men and women move about the country and around the world.

RallyPoint officially launched on Veterans day with a warm reception across the country. In fact, there’s been a major push to encourage military men and women to become entrepreneurs and launch their own startups.

Earlier this year Techstars held a “Patriot Bootcamp” in Washington DC which recruited military men and women to have a three day crash course in entrepreneurship and starting up at Georgetown University.

Startup America also launched a veteran’s initiative on Veterans day, spearheaded by a leadership team which includes veteran and Apprentice 2 star Kelly Perdew alongside other influencers in the military startup community.

Since launching earlier this year RallyPoint has raised a total of $1.55 million dollars. They raises $550,000 prior to launch back in April. In October they won $100,000 as part of the MassChallenge program and now they’ve raised another $1 million dollars.

“Some of the new investment funds will help us spread the word to active U.S. military personnel about RallyPoint’s value proposition, accelerate RallyPoint member acquisition, and also expand our efforts to partner with trusted employers, academic institutions, and brands to connect them more precisely and cost effectively with the right service members at the right time,” RallyPoint CEO Yinon Weiss told the Boston Herald.

Linkage:

Check out RallyPoint here

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Boston Startup Pingup That Allows Consumers To Text Businesses Raises $4M

A Boston area startup called Pingup aims to help cure the frustration from dealing with customer service agents and being put on hold by resorting to text messages. PingUp allows consumers to text businesses messages pertaining to their accounts and the nature of the company’s business.

For example, a cable company could use PingUp to allow their customers to text simple items like “Cancel HBO” or “Add Showtime” they could even go further and assist in scheduling appointments or set up a call back time so that the customer doesn’t have to wait.

The company was founded when co-founder and CEO Mark Slater had to spend an ungodly amount of time holding with his cable company for a question that required no more than two minutes to handle. It’s those kind of issues that drive call center frustration and customer frustration up.

We got a chance to interview Slater earlier this year.

PingUp has signed up over 550 businesses in the Boston area where it initially rolled out. They also have apps in both the Apple iTunes App Store and the Google Play store.

Cab companies, restaurants and service businesses across Boston have responded well to PingUp and have already implemented the service. A few different cab companies allow customers to book their cabs using PingUp rather than having to talk to a dispatcher. This of course makes it much easier to insure that the cab is going to go to the right location.

Restaurants allow customers to use PingUp to make reservations or get on call ahead seating lists. Other businesses use the service for customer service issues.

PingUp has just raised $4 million dollars in an equity round led by original investor Avalon. They plan on using the capital to expand to other markets including New York and San Francisco. PingUp already offers service in Miami in addition to the Boston area where they are based.

Linkage:

Check out PingUp here

Source: TNW

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Chicago Startup: SpotHero Raises $2.5 Million

A Chicago startup that was developed after the cofounders had received over $3,000 in parking tickets, has now raised $2.5 million dollars. SpotHero, an app that allows users to find parking spots on their smartphone, was well received by the city of Chicago.

At first sight the startup seems very similar to Baltimore startup ParkingPanda, however SpotHero boasts 24 hour customer support and touts that they are superserving Chicago first and building a loyal customer base before eventually branching out. Chicago seems to love SpotHero as well. Since their launch in 2011 the company reports that more than 10,000 people have used their iPhone app and website platform to find parking spots.

SpotHero’s iPhone app allows drivers to reserve parking spots on the go, something that ParkingPanda is just now having developed through MindGrub. ParkingPanda is a web based platform that allows people to book parking spots from either individuals like driveways and curbside spaces, or public lots that have extra spots to rent. Both services allow the user to pick how long and when they want to start the parking spot rental.

SportHero was part of the most recent class at Excelerate Labs one of Chicago’s thriving startup accelerators. SpotHero just recently presented at Excelerate Labs’ August demo day.

“How many times have you been frustrated by parking? We created SpotHero to solve this problem by helping drivers get the right spot with just a few clicks” says SpotHero CEO and Founder Mark Lawrence.

Battery Ventures, 500 startups, David Cohen’s Bullet Time, e.Ventures, OCA Ventuers, New World Ventures, Light Bank and Draper VC all participated in the round led by Battery.

Part of the attraction to investors is that SpotHero has already brought in over $2,000,000 in revenue to parking operators at some of the largest national parking companies. “Our parking partners know that their customers are online and looking for convenience, that is what we deliver – while helping the lots fill their unused spaces with paying customers ” says Lawrence

Linkage:

Check out Spothero here

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Toronto YCombinator Startup: Canopy Labs Raises $1.5 Million

Y-Combinator Toronto based startup Canopy Labs has just raised $1.5 million dollars to help further their company that helps mid-sized businesses build predictive customer models. These models help identify high value customers that can lead to repeat business.

While big businesses typically outsource he development of lead optimization tools, medium sized businesses that may still have over 10,000 customers often don’t have the money to hire a company to build a specific tool. Canopy Labs offers those companies a self serve tool for a fraction of the cost.

To some that may not be the best model in the world but Canopy Labs founder Wojciech Gryc, told TechCrunch in August that their target customers may not need “the most accurate, the best model ever built” instead they need something that’s “actionable and quick”

Gryc is a Rhodes Scholar who is applying his Master of Science Degrees in Mathematical Modeling and Social Science to create the Canopy labs platform.

“We offer our clients insights into their customer data that marketing or sales analysts can understand and use right away to make customers happier and increase their sales. We’ve launched analytics capabilities for our clients in under 24 hours.” Gryc said in a statement.

Canopy Labs helps consumer and retail enterprises with a large customer base prioritize efforts and deliver different marketing messages to different customers. This results in a more personalized sales experience and higher revenue. Customer modeling case studies have shown that the Canopy Labs platform is capable of processing three million records within minutes, increase sales leads by 25%, and increase sales conversions by 200%.

Canopy Labs’ self-serve platform creates customer models by importing all of the interactions that a business has with its customers. Everything from email, social media, voicemail and call center recordings are analyzed with the products that customers buy and how much they paid for these products. Canopy Labs clients are then provided recommended actions for each customer without a sales rep having to reflect upon each customer, thus saving time for the company while decreasing customer churn and increasing customer spend.

“Many analytics companies say they can solve tough problems but most IT projects in enterprises fail or end up stagnating,” said Ron Warburton, managing partner at the BDC Venture Capital IT Fund. “Canopy Labs has found a way to address a very clear problem for enterprises that don’t want to hire consultants or create customized customer modeling programs – streamlining their analytics process and delivering smart, usable data in a very short timeframe.

Canopy Labs $1.5 million dollar round was led by BDC Venture Capital IT Fund. Peter Thiel’s Valar Ventures and a number of other angel investors participated in the deal.

Linkage:

Check out Canopy Labs here

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Boston Techstars Grad: Testive Raises $500,000 Seed

A recent Boston Techstars startup graduate, Testive, has just announced a $500,000 seed round led by influential local investors.

Testive operates on the premise that SAT prep books suck and SAT prep classes are too expensive. Miro Kazzakoff, the startup’s founder says not only can Testive predict a high school students SAT score but also their method is more efficient.

“Somewhere between cheap, boring prep books and expensive classes is an opportunity to deliver online test prep that doesn’t suck,” Kazakoff told the Boston Business Journal “Testive is building the tools that help students learn more efficiently and more enjoyably.”

Immediately following the Techstars Boston session the company moved into Dog Patch Labs an incubator/co-working space founded by Polaris Venture Partners and also in the same Microsoft building that houses the Boston Techstars program. Several other high growth potential startups occupy the space and work in a collaborative environment.

Local angels; Jean Hammond (A Zipcar investor), Eileen Rudden (co-founder of LeanLaunch), Dharmesh Shah (co-founder of Hubspot) and Bill Warner (founder of Avid/ProTools), all participated in the round.

Kazakoff reports that over 10,000 students already use their SAT Habit software. Their software is based on Turbo Test, originally developed at MIT. The investment will go to continued development of the software. They plan on adding features to add in the preparation of the “writing” part of the SAT.

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DC Startup Speek Raises $1.2 Million Dollar Seed Round

We’ve been tracking DC startup Speek since last May when they pitched the initial concept and platform at the TechBuzz competition in Washington DC as part of Capital Connection.

What originally attracted us to Speek was the super easy interface for their conference calling application. The conference calling space is definitely a hot one. Back in May, another conference calling startup UberConference won the highly coveted TechCrunch Disrupt Battlefield at TechCrunch Disrupt NY.

Speek is actually easier to use. With Speek you simply go to the website, pick a username and enter some information, like your primary phone number. From there, when you want to make a conference call you go to that user’s page on Speek and hit the big button in the middle of the page and voila, conference call initiated. For example, my Speek address is http://speek.com/kyle yes I was using it early enough.

The other main attraction to Speek is the startup pedigree. The company was founded by John Bracken who sold his first big startup e-vite to TicketMaster. Speek’s CTO Danny Boice was the founder at Jaxara a startup he sold to Pantheon in 2006.

Today they announced that they’ve raised a seed round of $1.2 million by “several early stage venture funds”.

“Conference calls today are a painful experience in a $3 billion market that hasn’t innovated in over twenty years,” said Speek.com co-founder and CEO John Bracken. “Speek is revolutionizing conference calling by turning a limited telephone-based service into one that is simple, free and in-tune with the next generation of web and mobile services.”

“Speek makes conducting a conference call fast and easy,” said co-founder and CTO Danny Boice. “No longer do you have to frantically search for a PIN number or wonder who’s on the call or who’s talking. Nearly ninety-percent of people who have used Speek would be disappointed if our service disappeared.”

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Memphis Startup Restore Medical Raises $2.5 Million Seed Round

Restore Medical Solutions, Memphis startup, Zeroto510,funded startup

Shawn Flynn (L) Ryan Ramkhelawan (R) founders of Restore Medical Solutions

Memphis’ startup community has kicked it into high gear as of late. In 2012 Launch Your City, the organization behind the Seed Hatchery starutp accelerator, the Launch Pad free coworking space and Launch Memphis, the curriculum arm behind Memphis’ startup ecosystem, had a big year. They saw two cohorts go through their Seed Hatchery program this year. One group of web/tech entrepreneurs took their startups through Seed Hatchery. The other group went through a collaborative effort between Seed Hatchery and Memphis BioWorks called Zeroto510.

The Zeroto510 program is a medical device startup accelerator that relies on Bioworks for the medical part and Seed Hatchery for the startup, and business development portion of their training. After a rigorous accelerator program, and an intense demo day in May, the six startups in the program saw 85% follow on funding. Four of the graduating startup companies received $100,000 investments from MB Ventures and Innova. The fifth startup, Restore Medical Solutions, raised a $2.5 million dollar Series A round.

It’s no wonder that Restore Medical Solutions was able to close such a large round. Co-Founder Shawn Flynn announced that the company had a $3.75 million dollar purchase order, during his investor day pitch.

Restore Medical Solutions has come up with a concept and system to more efficiently sterilize surgical instruments. When we first met with Flynn and Co-Founder Ryan Ramkhelawan explained that not only was the current system for sterilizing surgical instruments filled with flaws, to a degree it’s also dangerous.

Currently surgical instruments are grouped in sets according to the surgery that the operating room is performing. The instruments are kept in a sterile container/tray until they are brought up to the surgical suite and used. However, if one piece of equipment is either missing, or shows signs of not being completely sterilized, the entire set is deemed unusable and another set is ordered up.

The problem with that is most hospitals don’t have a bunch of reserve sets for the operating rooms. The sterilization team has put together the sets based on that days surgeries. Waiting on instruments to be re-sterilized and recompiled can take hours. At that time the patient is either kept under anesthesia or they are woken up, either option can have risks.

Not only that but some hospitals still use sterilization procedures that are likened to the way silverware is washed in a restaurant, everything dumped on one big tray and run through a dishwasher type sterilization machine. The problem with that is the instruments at the bottom may not be as sterile as the instruments on the top. This is often the cause of hospital born infections.

Restore Medical Solutions system makes the process quicker, more efficient and completely sterile.

Flynn and Ramkhelawan get anxious and excited when talking about their process and the upside potential for hospitals. With the reduction in time, the more efficient sterilization and the cut down on infections, Restore Medical Solutions is in the business of sterilizing instruments, but more importantly to the bottom line, driving costs down. Quicker turn arounds in the sterilization process also mean quicker turn arounds in the operating rooms, and more surgeries.

How much money? We’re not talking a thousands here or a thousand there, we’re talking tens of millions of dollars per hospital.

The duo behind Restore Medical Solutions has already pitched a number of hospitals in Tennessee and along the east coast. To date they are proud to announce that they’ve at least secured a follow up meeting and in other cases, purchase orders.

While a $2.5 million dollar Series A round is great for the company and will allow them to start producing to fulfill their purchase orders, it wasn’t always easy. Both Ramkhelawan and Flynn quit their good paying day jobs in Atlanta to relocate to Memphis for the ZeroTo510 program. The program gave them a $50,000 seed round but waiting for that initial funding they were sneaker-strapping it like the rest of their cohort.

Both men left families back in Atlanta and Ramkhelawan and his wife had just had a new baby daughter. With kids, families, and houses in Atlanta these two middle aged entrepreneurs set out to live the ramen noodle eating, hipster lifestyle. They immediately went on the grind to make things happen.

And happen it did.

After finding out about the ZeroTo510 program from a friend of Flynn’s who has a marketing business in Memphis the two made the trip to Memphis to scope out the city and the program. They immediately fell in love with the town. They are sharing an apartment literally within feet from the new corporate headquarters for Restore Medical which officially opens Friday.

For what they’re doing, both entrepreneurs admit that the Memphis startup ecosystem is further along than things are in Atlanta. New initiatives have begun in Atlanta which will be great for the region but Memphis is already doing it. Also, Jackson Tennessee is doing it as well. Both entrepreneurs spend time in Jackson, helping to further that cities entrepreneurs along as well.

Flynn and Ramkelawan give a lot of credit to Launch Your City’s Eric Mathews and Bio Works’ Allan Daisley who were instrumental in the Zeroto510 programs inaugural class.

Linkage:

Check out Restore Medical here

Check out Zeroto510 here

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Burlington MA Startup: Acquia Raises $30 Million

Burlington startup, Acquia, provides enterprise tools based on the open source Drupal web platform. If you’re not familiar with Drupal, it’s the backbone architecture for such popular websites as The White House and the Economist. The platform was created by Dries Buytaert, who also serves as CTO for Acquia.

The startup has now picked up a cool $30 million dollar round led by Growth Capital and Goldman Sachs. Accolade Partners, North Bridge Venture Partners, Sigma Partners and Tenaya Capital also participated in the round. They are looking to add between 120 and 140 new jobs within the next 12 months. They are also planning on using the money for more international expansion.

Acquia generated $21.8 million in revenue in 2011 according to the Boston Business Journal. CEO Tom Erickson plans to double that this year. They are also looking at a possible IPO within the next two years.

This latest round brings their total venture funding to $68.5 million since 2007. The company was founded by Buytaert and Vice President Jay Batson.

They currently employ 260 people. 140 of those work at the corporate office in Massachusetts. They also have offices in Washington DC, California, Amsterdam,Paris and Oxford England.

Linkage:

Check out Acquia here

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Startups Everywhere Else See 65% Of US VC Money In Q3 2012

The latest Dow Jones VC Edge report for Q3 2012 was just released. Overall, venture capital investment across the globe has declined 20% quarter over quarter. Deal flow on a global decreased as well by 11% with 1341 deals in Q2 2012 and only 1189 deals in Q3 2012.

Fred Wilson, the Principal at Union Square Ventures, weighed in on the Dow Jones report in a blog post on Sunday. Most notable to Wilson was that VC funding of consumer web and mobile companies was down 42% for the first 9 months of 2012, when compared to the same 9 month period in 2011. He’s careful to note that the decrease has come in follow on funding and not seed funding.

Wilson highlights three trends in consumer based web and mobile companies that are worthy to note. The most important being that mobile first startups need to spend more to simultaneously bring products out across iOS, Android and the web. It also seems that some startups are having a hard time building scale after their mobile products are built.

The Dow Jones VC report said that IT still received the most venture funding with $3 billion dollars spent in the quarter which is still a decrease of 10%.

In overall venture funding the US was the strongest region even with a 17% drop in investment. Israel saw an increase of 43% with $263M invested in Q3.

Source: Dow Jones’ Venture Source

As for the United States, Silicon Valley still commanded 35% of the venture pie, while startups “everywhere else” drew 65% of the venture capital. Dow Jones highlighted the Los Angeles metro (3%), Seattle metro (2%), Chicago metro (4%), Boston metro (10%), New York metro (9%), and Potomac with (3%). All the other US cities that weren’t broken down accounted for 32% of funding.

Wilson’s interpretation of the critical piece of data surrounding follow on funding was spot on. The Wall Street Journal noted that companies that had a seed round in 2007 and 2008 were more successful in raising follow on funding than those who received a seed round in the following years. There was also more money up for grabs just 5 years ago. The median seed round in 2007 and 2008 was $4 million, while today that’s shrunk to $2 million.

Linkage:

Get a free tour of Dow Jones’ Venture Source here

See this Wall Street Journal piece

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Minnesota Startup Jingit Raises $7 Million, Pays Consumers To Watch Ads

Jingit, a startup based in Edina Minnesota, has raised $7 million dollars in investment capital according to a regulatory filing. The startup was founded last year by Joe Rogness, the former CEO of tech consultancy Two Fish and Todd Rooke a former executive with Hewlitt Packard.

Jingit allows ordinary consumers to earn up to $15 per week for watching ads and giving feedback on them. Household brands like Walmart, Hershey and Kraft are in Jingit’s stable of clients.

The company partnered with US Bank last year which issues a debit card on their behalf. Jingit customers’ earnings from ad watching is directly deposited onto the debit cards. Each ad yields the user between $.05 and $.50 cents. Payments vary based on advertiser, market study, and demographics. For instance advertisers may pay more to have an 18 year old watch an advertisement for a video game rather than someone older. Kraft may pay more for people in an older demographic to watch their ad.

Jingit has fail safes in place to make sure that their users are actually watching ads. The ad will stop if another browser window or tab is opened while the ad is playing.

The startup gives advertisers unparalleled ability to drill down to their ideal customer. They’ve found that advertisers are willing to pay more money for this kind of targeted feedback.

Prior to this $7 million dollar round, Jingit had raised $3.5 million dollars.

Linkage

Source: Minneapolis, St. Paul, Business Journal

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Seattle Startup Zulily’s Valuation Reaches $1 Billion Dollars

Back in September we brought you this interview with Zulily co-founder Darrell Cavens. Zulily is an online marketplace featuring daily deals for kids,mom’s and women. The company started out with just kids stuff and then expanded and started offering women’s clothing and accessories along with housewares.

It was announced on Thursday that the Seattle based startup has raised $85 million dollars from Andreessen Horowitz, one of the top valley venture capital firms that holds interests in companies like Instagram and Skype.

Jeff Jordan the former CEO of Open Table and partner at Andreessen Horowitz, characterized Zulily as an example of “e-commerce 2.0″ in a blog post. He also said that Zulily was part of a renaissance in innovation among e-commerce players.

That wasn’t all that attracted Andreessen Horowitz to Zulily. The company’s founding team that’s already had tremendous success in the e-commerce arena in a niche market. Mark Vardon and Darrell Cavens were also the team behind Blue Nile which is the largest online retailer of certified diamonds and other fine jewelry. Jordan also cited the fact that Cavens was the head of both technology and marketing, ” a combination of functions I had never encountered before as an internet executive”, he wrote in the blog post.

Zulily has been very successful in carrying goods from lesser known designers who lacked distribution and then spun it into a business with over 10 million customers to date.

Last year Zulily raised $43 million dollars at a valuation of $750 million dollars. Although they didn’t report a valuation with today’s round, Business Insider quotes Fortune’s Dan Primack valuing the company at $1 billion dollars. This puts Zulily in the same company as other startups like Square, FourSquare and Airbnb.

Linkage:

Check out Zulily here

Here’s our interview with Zulily

Source: BI

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New Orleans Car Advertising Startup Advercar Raises $2 Million In Seed Round

Advercar is a New Orleans based startup that lets people make money by wrapping or putting other advertisements on their vehicle and driving around.

The startup was founded by Neil Turner who was the former Chief Strategy Officer at iSeatz. Advercar pays drivers to put advertisements on the front, sides and backs of their cars. It’s very similar to taxicab advertising except on private vehicles. The company charges advertisers $280 per month which is roughly the same amount charged by taxi cabs.

Advercar passes up to $100 per month to the driver. They also say that some advertisers give drivers the opportunity to make more than the $100 per month.

Advercar’s $2 million dollar seed round was led by Canaan Partners. 1-800-Flowers, Branford Castle Private Equity, New Orleans Startup Fund, Jit Sexana and TiE Angels Boston also participated in the round. With this round 1-800-Flowers CEO Jim McCann and Canaan partner Deepak Karma have joined Advercar’s Board of Directors.

The startup’s idea was originally pitched last year during New Orleans Entrepreneur Week as part of their Power Pitch competition where they won first place.

Advercar already has 5,000 drivers. The company tracks their drivers with a GPS tool that allows them to report back to advertisers and show them where their ad was seen. They also use a calculation method set forth by the Traffic Audit Bureau that allows them to calculate, roughly, how many people saw the ad. Advercar has a special group of AdverMoms that allows advertisers to reach other moms.

TechCrunch’s Anthony Ha asked Turner if it felt strange for an Advercar driver to drive around with advertising on their car. Turner replied;

“You notice for your first 20 minutes, but after that you forget they’re on. You do notice if you go to a grocery store, because people will be staring at your car.”

Linkage

Find advercar online here

Source: Silicon Bayou TechCrunch

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Kansas City Startup: InvenQuery Raises $1.1 Million For ReUse Industry Software

Over the past few years, reuse has become. $250 million dollar industry. In the United States there are over 1200 reuse stores.

Reuse stores, like the Habitat for Humanity Re-Store, sell used or overstocked building supplies, and household goods at a huge discount to get these items out of landfills and repurposed for other projects. Reuse stores sell anything from wooden wall paneling to electrical outlets and everything on between. Yes, reuse stores also sell kitchen sinks.

InvenQuery, an offshoot from Kansas City startup, PlanetReuse. PlanetReuse, as you can probably tell by the name, is also in the reuse industry.

InvenQuery offers web, and mobile solutions for inventory and store management for the reuse industry. The startup reported last week, that they have raised $1.1 million dollars this year. Earlier in the year the company raised $450,000 in an angel round. They recently closed a $650,000 series A round for Dundee Venture Capital of Omaha Nebraska.

“Making e-commerce and inventory management simple for an industry that has historically lacked technology tools will transform the way people shop for used building materials,” says Dundee Venture Capital Founder Mark Hasebroock. “We see tremendous potential in InvenQuery for retailers of unique items.”

The idea is simple and the results could be revolutionary: millions more pounds of usable surplus materials kept out of local landfills. A stark contrast to the nearly 40% of U.S. landfill waste that comes from building construction and demolition waste today. Plus more profits are generated for the social missions of non-profit reuse centers. If HDTV, Pinterest and the $250 Billion per year Lifestyles of Health and Sustainability (Lohas) U.S. consumer segment are any indication, reuse is one trend that will last.

“We are thrilled to partner with Dundee Venture Capital,” said InvenQuery Founder Nathan Benjamin. “Mark Hasebroock and his team bring deep expertise in e-commerce and web services that will accelerate our success in the reuse industry and in subsequent vertical markets we are researching like surplus materials from construction and demolition projects that get lost in warehouses.”

“As more and more reuse centers use InvenQuery to showcase their inventory live online on PlanetReuse Marketplace, the $250 Million reuse industry will become more top-of-mind and ultimately an easy alternative to explore before buying new materials through the $110 Billion new material home improvement industry,” said InvenQuery partner Willow Lundgren.

Linkage

Checkout InvenQuery Here.

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