A Baltimore software firm has raised $2.2 million to support growth, as it readies to raise a more significant round in 2022.
The new financing for RocketDocs Inc. was disclosed in a recent filing with the U.S. Securities and Exchange Commission. CEO Jason Pappas said the funding was raised to "top off" the company's Series A round, though he declined to disclose the final total of the round. He told the BBJ RocketDocs has raised "a shade under $7 million" since he took over the top executive seat at the software company in March 2019.
Pappas characterized the raise as a "pure growth play." The company plans to invest primarily in sales and marketing growth, as well as product work for two existing products and a third that is in the early stages of development.
RocketDocs has developed software that help business-to-business companies better manage mass amounts of data, so they can more quickly and more accurately respond to various business inquiries such as requests for proposal, requests for information and due diligence questionnaires. Another of its products helps companies to efficiently aggregate documents for putting together sales content and proposals. RocketDocs chiefly works with clients in the financial services, manufacturing, health care and technology sectors.
The company moved its headquarters from Frederick to Baltimore in early 2019, and has almost doubled its employee headcount since then, Pappas said. He declined to disclose an exact employee headcount.
He added that the company is "always hiring" and is looking to add up to a dozen positions within the next two quarters. Pappas hopes to hire some additional local executives and continue bolstering the team in Baltimore but said he does not consider living out-of-state a limiting factor when considering new hires.
SEC documents show five investors contributed to the latest funding infusion. Pappas did not disclose names, but said the group included all new investors based outside of Maryland. RocketDocs' lead investor has remained Baltimore's Camden Partners.
Pappas said he would love to be in a position to raise a much larger round by sometime next year.
