PaletteApp, Inc. Closes First Tranche of Funding to Expand Online, Interactive Materials Resource Library for Interior Design Professionals
Chicago, IL (PRWEB) September 30, 2013 -- PaletteApp Inc., the industry-leading online, interactive resource and sample management library for interior design professionals, announced today that it has closed on its initial tranche of Series A venture capital financing led by Batterson Venture Capital, LLC and Omphalos Venture Partners, LLC. Additional private investors included executives of Innovadex, a specialized B2B search engine business serving the chemical and food industries.
“PaletteApp has designed and built a revolutionary platform and we are confident that they will emerge as the definitive leader in web and tablet applications for interior design professionals,” said Len Batterson, Chairman & CEO Batterson Venture Capital. “We are impressed with PaletteApp’s team vision and product potential, and we’re excited to further our commitment to this remarkable company."
Founded in 2011, incorporated in 2012 and based in Chicago, PaletteApp is a business-to-business web and tablet application that provides design and sample management solutions for designers, architects, general contractors, and product manufacturers. PaletteApp allows users to order product samples from manufacturers, and consolidate multiple products into collections, or palettes, which correspond to a single project. These palettes are stored in a library and can be shared or referenced for reordering product, or as templates for future projects.
PaletteApp was created to change the decades-old, inefficient and resource-intensive process in which interior designers, architects and product manufacturers managed samples. Traditionally, carpet, wallpaper, fabric, paint and other manufacturers sent physical sample books to interior designers to consider using in their projects, which resulted in massive quantities of materials occupying precious real estate in design firms across the country. PaletteApp digitized this process and now the design industry is able to select, order, deliver and manage sample inventory thru a digital catalog. This process creates material time savings for the designers and dramatic costs savings for the manufacturers that spend $3.75BN a year on physical sample books.
PaletteApp drives revenue from paid subscriptions and commissions on samples ordered through the platform.
"We are delighted to welcome our new investment partners to the PaletteApp family," said Jerry Freeman, founder and CEO of PaletteApp. "This new round of capital will allow PaletteApp to expand our team, enhance the customer and market experience, and plan for future growth. We view this round of investment activity as validation for what we've built, and we couldn't be more excited to share our mission with these new investors."
For more information, go to http://www.PaletteApp.com.
Reva Revis, Reva Revis Consulting, Inc., http://www.greenearthpr.net/consultants/reva/, +1 (312) 929-5025, [email protected]
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