LevelEleven scores extra $500K in seed capital

Tack on another half-million dollars to LevelEleven's bottom line. The downtown Detroit-based startup has now raised $1.5 million in its first seed capital round, garnering new investments from the likes of private-equity investor Rick Inatome, Chicago-based Hyde Park Venture Partners, and Invest Detroit's First Step Fund.

LevelEleven spun out of Pleasant Ridge-based ePrize last fall with its Contest Builder mobile app. The app allows a sales manager to create a contest and real-time leaderboard in minutes to reward making more calls, booking client meetings, finding new sales opportunities or closing more business. LevelEleven, which calls the M@dison Building home, landed $1 million in venture capital funding right away. That funding round was led by Detroit Venture Partners.

The 6-month old business now employs nine people. It will use its latest infusion of capital to help build up its team with new hires of engineers, sales and marketing professionals. It currently has two job openings for positions in sales and software design.

"This investment allows us to grow in an orderly fashion," says Bob Marsh, CEO of LevelEleven. "We're not going to need to go on a hiring binge."

Source: Bob Marsh, CEO of LevelEleven
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.