New York (PRESS RELEASE – August 6, 2010) — Profitably announced today that the company has closed a $300k seed round of financing with terms driven by North Bridge Venture Partners. The company, founded in March of 2010, is developing a web application for small businesses that provides a simple and intuitive view into business data along with tools to drive growth and manage profitability.
The financing strategy taken by Profitably reflects a growing trend among entrepreneurs to raise smaller amounts of money faster. “We were able to take a $50k note from North Bridge Venture Partners, open up the terms, and close a proper seed round within weeks rather than months, says Adam Neary, Profitably’s CEO. “These days, it doesn’t take $1M to launch a technology company. Now we can spend time talking to customers instead of investors, and that’s a tremendous advantage.”
The funds will be used to fuel the “Product/Market Fit” stage of the company’s development. “We are going to get our product into Beta next week, and we plan to have a live product in the marketplace by 9/15,” says Francis Hwang, Profitably’s CTO. “Ruby on Rails is an agile development platform, which means we can respond to feedback from our customers very quickly, and that’s what we plan to do. 4M small businesses in North America use QuickBooks, but understanding their needs and designing the tools to help them manage profitability is certainly a learning process.”
The angel investors, primarily based in NY, will help guide the business through launch and towards later institutional investment. “Adam has already shown great leadership in building an extremely talented founding team to attack a large problem: helping small businesses grow profitably,” says David Tisch, a NY-based angel investor and entrepreneur. “I’m excited to see him apply that leadership to building a great product and company in Profitably.”
Profitably is small business analytics, simplified. The product provides a simple and intuitive view into your small business data along with tools to drive growth and manage profitability.
Let’s face it. Small business owners are too busy for traditional business intelligence and analytical platforms. These expensive and unwieldy tools are geared toward large enterprises and take months to set up. Profitably takes a different approach. The application connects securely to QuickBooks, and within minutes, you can see where you’re making money and where you’re losing money…why…and what you can do about it.
Founded in March of 2010, the Profitably team consists of Adam Neary (CEO), Francis Hwang (CTO), and Chad Pugh (Chief Aesthete). The team works out of the Soho neighborhood of Manhattan.
For more information and to request an invitation to test our product, now in private beta, please visit http://www.profitably.com and follow us on Twitter: http://www.twitter.com/profitably.