Today we closed our Series A round of investment. The total value of the round is about $2.6M, including shares previously issued to two investors in exchange for their previous funding of the prototype of the iGetBetter software, as well as the conversion of a number of Convertible Promissory Notes issued previously.
We are lucky to have some great angel investors, including a number who were investors in my previous company, Incentive Targeting (acquired by Google in November, 2012). We really appreciate their support, both operationally (they have great contacts) as well as financially.
This round of investment has helped get us to the threshold of market entry, with a number of successful pilots in 2014, two of which have already converted to commercial deployments. We look forward to entering the next phase of our market expansion in 2015 and 2016, and we are already beginning the process to raise a larger Series B to fund this expansion (as other CEOs of early stage companies know, fund-raising is a never-ending process).
Heartfelt thanks to all of our customers, partners, investors and the iGetBetter team. We will take a couple of days for a few deep breaths of satisfaction and gratitude (and ski a few runs up at Loon Mountain), then continue our journey.
Win Burke, President and CEO