Mobile inventory manager Jump Technologies has scored a $1m+ strategic investment from an unnamed healthcare organization.
CEO John Freund declined to comment on specifics of the deal or name the investor, but it prompts a peek inside this quietly growing Eagan company.
Jump was initially formed in 1998 by Rhys Perry with the intention putting advertising barcodes into newspapers and magazines, similar to what QR codes are going for nowadays.
Although that idea was too far ahead of its time — requiring mass mobile devices in order to scan and process — Freund was coming off a recent exit and “looking for his next thing.” Together with partner Dave Wenz, they acquired the technology and repositioned it for applications within the office supply industry.
“Our first customer added a significant amount of business to their bottom line with us and that’s what really launched our company in the early days,” Freund says in retrospect.
After riding that wave for nearly ten years, Cardinal Health reached out to Jump with intentions of white-labeling and reselling into its healthcare channels for inventory management. That triggered a much broader adoption of JumpStock within the healthcare sector.
“Cardinal has been with us now for a long time…and many other hospitals have since been buying direct from us as well. I believe we’ve been able to impact the healthcare industry in a big way.”
He sites a relationship with ~200 bed Wisconsin facility Agnesian Healthcare as one example where inventory spending was cut by 35% within two months time using JumpStock. Beyond just hospitals, the SaaS model is also appealing to labs and medical clinics who want to reduce labor, inventory hoarding, stock outs and overall waste.
“We’re really going all in on healthcare now and have a backlog of customers who want to sign up.”
As a product line, Jumpstock currently represents about 30% of company revenue — a number Freund predicts will be 50% in one years time. With 16 full time employees, Jump counts 2,000+ paying customers with and user reach upwards of 10,000.
“We’re a well kept secret here in Minnesota…profitable since the start and multiple proven products. We’re not actively fundraising, but sometimes the money finds you.”