A Magic City-based startup, Linq, has garnered roughly $2 million in a new round of funding.
The round was supported by Linq's existing investors and comes a little more than a year after the BBJ reported that the company closed a $2.5 million seed round in March 2022.
The initial seed round was led by Mucker Capital, a California-based company that invests in seed and pre-seed stage companies outside of Silicon Valley. The round had participation from the Alabama Futures Fund, Shipt and Landing founder Bill Smith, among other investors from the metro area and the West Coast.
The most recent round was led by Alabama Futures Fund.
Linq CEO Elliott Potter said the money will help the startup double down on growth and the product it is building for its enterprise customers, and he said now was the ideal time to raise funding for a number of reasons.
"So the economy is kind of on its head, and tech and startups are up against some pretty strong headwinds," Potter said. "For us, it's always been in our DNA to operate really responsibly, and ... a lot of investors portfolio companies went bottoms up or were up against the wall and, and basically kind of had this existential crisis point. And for us, it was a great opportunity for our existing investors to double down on a business that's growing rapidly, and doing it with strong fundamental financials."
Potter added that Linq does not subscribe to "growth at all costs."
"A lot of startups are really struggling right now or they're out of business. And so it just seems pretty obvious to our existing investors to double down on on us and we're thrilled and proud of that fact," he said.
Linq started out as a digital business card that debuted at Sloss Tech in 2019. From there, it grew to serving individuals and consumers. The company saw significant growth in 2020, with a huge surge in demand for its QR code technology and applications in retail and other business spaces.
