ST. PETERSBURG, FL, Startup developing a web application platform for mobile devices recently became Florida Funders' first portfolio company. SavvyCard closed a $1.5M Series A funding round.
SavvyCard, http://www.SavvyCard.com, a St. Petersburg, Florida based startup developing a web application platform for mobile devices recently became Florida Funders' first portfolio company. SavvyCard closed a $1.5M Series A funding round in May, of which $80,000 was made up of smaller investments aggregated from accredited investors by Florida Funders. Terms of the transaction were not disclosed. Through it's online venture capital model, Florida Funders made it possible for accredited investors to participate in this early stage investment, enabling SavvyCard to further their goal to make it easy to do business on mobile devices.
SavvyCard plans to use the funding for expanding sales and R&D activities in Real Estate, the company's initial market. Current clients including the Miami Association of Realtors and the Pinellas Realtors Organization are working closely with SavvyCard to implement their technology and bring increased efficiency and effectiveness to the real estate industry. SavvyCard allows organizations to optimize referrals among members while offering access to tracking and sharing analytics.
David Etheredge, CEO and Founder of SavvyCard said 'By organizing an investor syndicate, Florida Funders makes it easy for accredited investors to pool their capital together to reach a company's minimum investment threshold. Often accredited investors bring strategic value beyond their capital contribution so the way Florida Funders provided a convenient path for them to get involved with our company is invaluable.'
Florida Funders CEO David Chitester commented 'We are really pleased to welcome SavvyCard as our first portfolio company. Their concept is unique and applicable to most any business or individual and the experience and the dedication of their management team is incredible. We look forward to a great relationship as they implement their expansion plans.'
About Florida Funders:
Dave and Kathleen Chitester, co-Founders of Florida Funders and successful Tampa Bay area entrepreneurs, recognized the challenges emerging companies face in funding their growth. Based on their own experience starting companies such as Chitester Management Systems and RedVector.com as well as feedback from the entrepreneurial community, they created Florida Funders to address the gap between friends and family financing and venture capital. Florida Funders reduces friction in the marketplace by aggregating supply(capital) and demand (need for funding) in one central location.
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