Anatomy of a Minnesota Startup on the Rise


Profit SeeYou know something is cookin’ when a Startup evolves from Minnesota LLC to Delaware Corporation, starts showing up on Edgar and qualifies for the Minnesota Angel Tax Credit.

ProfitSee is SaaS that allows small and mid-size business owners to gain “high level CFO insights” into their businesses: it helps them recognize what their real assets of the company are, how to better leverage them, and some key elements in creating financial stability, valuation and increasing profitability.

In addition to the $80k raised in May 2010, more recent SEC filings indicate ProfitSee has received a combined $90k over the past few months in preparation for a larger private placement in first quarter 2011.

As a strategic partner and applications developer with Intuit, ProfitSee was awarded the the “Best in Show, 2010” at Intuit’s Cloud Jam Convention earlier this February and is “ready to release ProfitSee Pro in Mountain View next week,” says CEO Peter Vessenes.

As the prospect of growth opens, the executive talent comes; Galen Vetter, former CFO of Franklin Templeton Finance, is newly crowned Chairman of the Board. ACT! Software Co-Founder Michael Muhney and North Dakota entrepreneur Richard Shorma have also recently joined.

“We are in the middle of validation stages with other large potential partners, ” Vessenes modestly remarks.

For a detailed explanation ProfitSee’s mechanics, see our previous interview with Mr. Vessenes.