LevelEleven is adding a couple more million dollars to its pile of venture capital cash in downtown Detroit.
The nearly 2-year-old tech startup has landed an extra $2 million from its original investors, bringing the total amount of seed capital it's raised to $5.6 million. The $2 million is part of a convertible note that will be part of its Series A round, which the company expects to close later this year. The money will be put toward research & development of the firm’s app, sales and marketing efforts, and growing the staff.
"We're going to be investing it in all fronts," says
Bob Marsh, CEO of
LevelEleven. "It's really for everything."
LevelEleven spun out of
HelloWorld (formerly Ferndale-based ePrize) in 2012. LevelEleven sells an enterprise gamification app (native to the
salesforce platform) that helps motivate sales professionals and tracks their progress.
It currently has 175 customers, which is up from just under 100 a year ago. Some of those customers include Comcast, eBay,
Tiffany & Co,
Forrester,
Cardinal Health, the Detroit Pistons,
Shutterstock, and
Microstrategy.
"It ranges from large enterprises like Comcast and eBay to small businesses," Marsh says.
LevelEleven has also hired 18 people over the last year. It currently has a staff of 26 employees and two interns. It is currently looking to hire two more people and plans to bring one of its interns (a University of Michigan student) on as a full-time employees after that person graduates next semester.
"We are literally always hiring for sales and engineering positions," Marsh says. "Anytime we can find good people we hire them."
Source: Bob Marsh, CEO of LevelEleven
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.