What to know about the Fulcrum seed round:
- Fulcrum is a Minneapolis-based SaaS company focused on improving small and mid-sized manufactures through “workflow optimization and automated data collection”
- The $3.1 million total was led by Chicago’s Motivate Ventures with a number of other contributors including Battery Ventures, Schematic Ventures, Bain Capital Ventures, Matchstick Ventures, Bread & Butter Ventures, IrishAngels, Social Starts, SpringTime
- Read more about about the various investors
- Three individual investors also participated in the Fulcrum seed round: Daren Cotter, Phil Soran, and Yishan Wong
- The investments will be applied to, “product enhancements, customer enablement, as well as sales and marketing to accelerate growth.”
Read the full details about the Fulcrum seed round in the news release below. Release has been edited for length.
Also, check out our FAQ Friday series featuring Fulcrum’s founder and CEO, Sunny Han.
MINNEAPOLIS (PRWEB) SEPTEMBER 24, 2020
Fulcrum – the cloud system fueling the future of manufacturing – has raised $3.1 million in seed round funding to accelerate growth supporting its bold vision for a brighter future through connected production.
The Minneapolis-based Software-as-a-Service startup builds on more than a decade of experience creating custom ERP solutions for manufacturers and now provides a software-as-a-service platform to help manufacturers optimize sales, quoting, purchasing, job scheduling, tracking, fulfillment and more. Its aim is to add better design and automation to help the multi-trillion-dollar manufacturing industry take a giant leap forward.
This round of funding was led by Chicago-based Motivate Ventures. Battery Ventures, Schematic Ventures, Bain Capital Ventures, Matchstick Ventures, Bread & Butter Ventures, IrishAngels, Social Starts, SpringTime Ventures, as well as individual investors Daren Cotter, Phil Soran, and Yishan Wong participated in the round.
“Now more than ever, there’s a clear, urgent need for a connected manufacturing supply chain and a better production system in the market, and that’s been validated by our growth and this round of investment,” said Sunny Han, CEO and founder of Fulcrum. “I couldn’t be more pleased with how our customers have responded to the way we were intentional with the design and workflow of our solution. We’re excited to accelerate growth with these funds and counsel from our investors.”
David Wieland, Founder and Managing Partner of Motivate Ventures, stated, ”We’re thrilled to be working with Sunny – an expert and thought leader in manufacturing operations – and the exceptionally talented and driven Fulcrum team to provide a truly transformative ERP experience accessible on universal devices and web platforms for the modern day manufacturing operator.”
Han started Fulcrum in 2015 to address the acute challenges facing the millions of small- to medium-sized manufacturers worldwide. Legacy ERP systems built for Fortune 500 companies are not suited for the budgets, timelines, or use cases of the rest of the vast production ecosystem. And the global market is at a turning point of accelerating automation and human ingenuity to foster innovation in manufacturing well beyond its current state. The impact of a connected cloud supporting this ecosystem will have a massive impact on the well-being of humankind. A lofty premise and aim to be sure, but Han doesn’t water down his ambitions:
“Gaining the power to accelerate our growth so that we, the collective David can beat the Goliath of calcified legacy systems while simultaneously stitching together a new way in which business is done in such a core industry is incredibly motivating,” says Han. “We’re building the manufacturing operating system of the future — a beautiful, sophisticated quantum leap forward for the most important core industry in the world.”
Fulcrum will apply this investment towards further product enhancements, customer enablement, as well as sales and marketing to accelerate growth.
Fulcrum is a SaaS enterprise ERP, MRP, and MES platform allowing small and mid-sized manufacturers to improve efficiency through workflow optimization and automated data collection. Fulcrum delivers value through a fully digital, paperless workflow leveraging machine learning, automation, predictive analytics, and advanced heuristics to drive throughput and profitability.