After tripling recurring revenue in 2019, company plans to double team in 2020
Boardable, an online board management platform, announces the completion of a $3 million seed round from High Alpha Capital, along with VisionTech and Collina Ventures. After raising $1 million just a few months ago, the company will use the new investment to accelerate its mission of increasing board member engagement for nonprofits. Boardable plans to accelerate the growth of its team, adding product options and increasing marketing efforts, and plans to double full-time employees at the company by the end of 2020.
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Boardable hopes to have 30 employees in the next 12 months and is looking at adding another office in Australia to service and educate their audience of nonprofits around the world. This money will aid in developing and rolling out new product options aimed at small nonprofits, volunteer groups, and businesses, as well as more robust options for customers needing advanced features and functionality.
“The funding and expertise that High Alpha provided in 2019 has proven successful and helped us more than triple recurring revenue so far this year,” said Jeb Banner, CEO of Boardable. “Heading into 2020, we have even bigger aspirations for the company. We want to serve as many of the 10 million nonprofits around the world as we can. We believe a healthier board has a ripple effect, expanding out through a healthier nonprofit to improve the health of the entire community.”
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“Boardable has proven to be an essential tool for nonprofits looking to better engage their board members. We are thrilled to continue our relationship with Boardable as they expand their services to customers across the globe,” says Eric Tobias, partner at High Alpha. “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.”
Boardable is an online board management portal that serves those who serve their communities. The software enables nonprofits to create healthy, effective boards. They currently have over 500 customers in more than 25 countries and sixteen full-time employees based in Indianapolis. Prior to this raise, Boardable has raised more than $2 million in funding since its founding in 2016.
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