Minneapolis photography saas startup CaptureLife is on a roll right now with the customer revenues and angel investment flowing.
Updated 4/4/2019 9:00am CST: CEO Jeff Eckerle says they closed the convertible round at $1.2m and have since opened a new bridge round of $750k with $360k secured.
Updated 11/29/18 3:00pm CST:
CaptureLife now has 12 has distribution partners, including a most recent win with District Photo, the owners of SnapFish — a direct competitor to Shutterfly (which purchased Lifetouch last year). As a result, CaptureLife counts 500+ end-businesses who have used the platform this year, with access to tens of thousands now in process.
They’ve also raised $1,000,000 on the convertible round from four former Lifetouch execs and four photography business owners, among others, with still $150k open as of today.
Founder and CEO Jeff Eckerle explains: “We’re going to be the digital platform for the experience economy… this goes well beyond the professional photography market. It’s about leveraging personalized digital content around experiences for brands. We see it as an untapped space.”
Original 5/25/2018: Following the Shutterly-Lifetouch bump earlier, the nascent venture has secured more customers, distribution partners, and as an effect of those actions — investment capital.
Formed in 2015 and officially launched in October 2017, CaptureLife helps photographers, studios, and labs adapt their businesses by offering social mobile apps with one-touch commerce for both their print and digital products. With an emphasis on school and sports photography, CaptureLife is also expanding its product into a number of new market segments such as theme parks and travel experiences.
“We’re transforming an industry of late adopters,” Eckerle says. “No-one else is really focusing on it right now and there seems to be a burning need for us.”
It’s that product-market fit that puts CaptureLife in the situation few startups ever reach: a growing customer roster with cash flow break-even in sight and smart money finding its way into the mix.
“We’ve received investment from those in the industry who appreciate and understand what we’re doing. It’s the perfect kind because it comes with additional benefits,” he says. Since that February piece, CaptureLife has doubled capitalization to $650k and maintains about seven full time employees working out of Assemble in downtown Minneapolis.
“Month over month we are delivering more albums, experiencing more engagement, and gaining revenue. We’re on the execution path now,” Eckerle asserts. He insists local tech mentoring group MESA has been instrumental to the business, saying, “There’s no shortage of help there provided that you can tell, and support, your own story.”
The company announced last week signing its latest partner, photography franchise PortraitEFX, representing a consistent string of new B2B distribution relationships built with a long view.
“These take time to grow, but the 10 we now have represent about 5 million potential digital delivery transactions to consumers per year once fully adopted in each channel.”
Potential, is the keyword there; CaptureLife is clearly executing and as such on the cusp of what could become an explosive growth phase over the next 3-6 months when Eckerle can decide if and how to scale.