One of the city’s fastest-growing private companies has received more fuel for growth.
Louisville-based eBlu Solutions Inc. raised a $4 million round of funding in January, according to a U.S. Securities and Exchange Commission filing.
Founded in 2012, eBlu offers a single-portal software solution to verify benefits for specialty medications. The company has been scaling rapidly since 2021 when it raised more than $11 million in a Series A fundraising round. At the start of 2021, the company had 63 employees and grew to over 100 a year later when it moved into its new headquarters on the 15th floor of Waterfront Plaza in Downtown Louisville.
At the time, co-founder and CEO Mark Murphy said eBlu was expected to add 82 new jobs. It currently has 114 employees.
In an email, Lori Wood, director of brand marketing at eBlu, said the fresh capital will be used to support key objectives that support the growth and expansion of the company.
"We're excited to complete this quick internal round so we can focus on the growth of our company," Wood said in the email. "Additionally, we added Mike Davis, the Co-Founder of Appriss, as the Executive Chairman to our board. 2024 should be a very exciting year for eBlu Solutions!"
The latest raise was an internal round led by eBlu's three existing venture capital investors: Chicago-based OCA Ventures, Cleveland-based Mutual Capital Partners and Brentwood, Tennessee-based FCA Venture Partners’ Health Innovations II fund.
eBlu was No. 7 on Business First’s 2023 Fast 50 list of Louisville’s fastest-growing companies. Its revenue grew more than 411% over a three-year period, from $1.8 million in 2020 to $9.4 million in 2022.
