San Francisco (PRWEB) June 30, 2015
AffinityLive, the makers of a business automation software that changes how professional service businesses manage their client work, today announces an injection of $2 million of funding to accelerate client growth and product innovation. The round is led by Blackbird Ventures, with Rothenberg Ventures and numerous professional services industry leaders also participating.
The professional services sector has been booming, with more than one in four new jobs created in the U.S. economy in the last year being in the space.
“As businesses grow and hire more people, the manual ways they've been working start to break down,” said Geoff McQueen, founder and CEO of AffinityLive. “We've helped businesses double their revenue per team member, given them insight into utilization and productivity, and most of all cut down on the stress and chaos of running these businesses critical to our economy. With this funding, we're looking forward to helping revolutionize how many more businesses are run in the future.”
AffinityLive, which had bootstrapped its way to seven-figure recurring revenues, will use this funding to further accelerate growth in the under-served and rapidly growing professional services sector. The software company plans to more than triple its staff across both sales and marketing teams as well as the product development and engineering team.
"For a business of our stage - with millions in recurring revenue, low churn, high usage and strong growth - raising just $2 million is quite contrarian," said McQueen. "However, our revenues and growth rate mean we didn't need to raise a bigger round right now, and also helps ensure we don't change our focused culture forged through bootstrapping such an ambitious product."
The lead and majority investor in this round is Blackbird Ventures, a relatively new early-stage fund backed in turn by seasoned entrepreneurs including the founders of Atlassian. With recent investments in Canva, Autopilot and Bugcrowd, Blackbird is focused on startups that solve real business problems for large and often ignored markets. The fund’s interest in AffinityLive came from the company’s success in solving previously intractable problems within the massive and underserved professional services industry.
The other institutional investor in this round is Rothenberg Ventures, an early-stage fund that has backed companies like Luxe, Zenpayroll and Robinhood. In addition to these two funds, the round also saw participation from a number of industry and entrepreneurial luminaries including Universal McCann's SVP of Technology Strategy, Ben Gumbiner; tech veteran Dave Burlington (current partner at Armanino and former executive at PeopleSoft, as well as Taleo and Epocrates, where he was very involved with the companies IPOs); prolific angel investor Sandy Kory (Palantir, Sprig, Chariot); and Australia's first dotcom millionaire and serial entrepreneur, Steve Outtrim.
For more information about AffinityLive, visit https://www.affinitylive.com/.
AffinityLive is a creator of integrated, cloud-based business-automation software for the professional service sector. Its tools help small and medium businesses better manage their client relationships, sales, projects, team utilization and time billing, freeing up busy professionals so they can focus on doing what they do best. For more information about AffinityLive, visit https://www.affinitylive.com/.