JumpStart has chosen the first company that will receive an investment from its recently recapitalized Evergreen Fund: Revenue Conduit.
JumpStart has committed $250,000 to the Akron-based e-commerce software company. Revenue Conduit will use the money to speed up the development of its product, which links e-commerce platforms to marketing automation systems. The funding also will help Revenue Conduit acquire customers and get ready to raise additional capital in 2017, according to CEO Daniel Kurt.
“It’s hard to overstate the impact this investment will have,” Kurt stated in a news release from JumpStart. “Having bootstrapped the company with an initial investment of $1,400, we’re now in a position to move much faster.”
After lying dormant for a few years, JumpStart’s nonprofit Evergreen Fund recently raised new capital. It received $5 million from the Ohio Third Frontier program and raised another $5 million in matching funds. The Cleveland-based nonprofit also raised capital for a new for-profit fund and a fund focused on minority and female entrepreneurs (which announced its first investments) at the end of June.
Revenue Conduit was founded by Kurt and Parag Jagdale in 2013. The company was “born out of Kurt’s frustration with the lack of integration between his e-commerce store and his marketing tools,” the news release stated.
“Since then, they have successfully integrated a number of additional e-commerce platforms such as Shopify, Bigcommerce, Magento and Woocommerce with marketing automation platforms such as Infusionsoft, ActiveCampaign and Hubspot,” the release stated.