B2B Ecommerce SaaS Maker Insite Software Raises $1.5m led By Volition Capital

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Insite Software has closed on a $1.5m of equity investment led by Volition Capital.

 

Founded by Brian Strojny in 2002 and headquartered in downtown Minneapolis, Insite Software provides integrated ecommerce and shipping software solutions for the manufacturing, distribution, and retail industries.  Tony Abena became CEO in January 2015 when Insite raised its first round of institutional capital to the tune of $15m; Steve Shaffer has since emerged the new CEO of Insite Software.

Volition Capital led that round and is also known investor in local tech firm RedBrick Health.

“This additional funding is being used as working capital to fuel recent growth at Insite, which includes doubling our rate of new customer acquisition over the past three quarters. Insite’s growth has accelerated significantly since the release of its new Cloud SaaS offering in the summer of 2017,” says Shaffer of the new round.

Though that growth may coming at a cost to some, if welook back at the 2015 funding, Insite had about 110 employees at the time, which then dropped to 98 mid-2016, and according to LinkedIn is now down 29% since to about 67 people.

 

Comments

  • http://tech.mn Jeff Pesek

    Insite spokesperson Bonnie Harris says “that the drop in staff was due to spinning out implementation
    partners…Insite doesn’t do implementation themselves now, it’s through a
    group of consulting firms, some of whom worked for Insite.”

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