A Tampa-based startup has raised nearly $2 million on the heels of almost 1000% growth over the last year.
Trustate exclusively told Tampa Bay Inno Wednesday it closed $1.8 million for its series seed round, led by Canada-based Impression Ventures. Other participants include Gingerbread Capital, Red Bike Capital and client wealth managers and estate lawyers.
"We're definitely well positioned to scale in a pretty tremendous way," co-founder Leah Del Percio said. This is the company's first round of institutional funding.
The company aims to help streamline and automate the estate administration process. The group offers a flat rate to help close an estate, as compared to a lawyer with an unknown price tag. Trustate works with "preferred partners" that range from banks to financial advisers and estate lawyers, although any customer can sign up for their services.
It previously made headlines when it was accepted to the prestigious Chicago-based 1871 accelerator and has been selected as a finalist for the upcoming Startup of the Year conference, slated to come to Tampa next month.
The funding will be used toward growth, both in new products for clients and hiring with a specific focus on engineering talent.
"Some of these resources will bring talented individuals on to our team," co-founder Tara Faquir said. "We're hoping to add more to meet the needs of the business and the exponential growth we’re expected to have."
The founders declined to comment on future plans for funding, or exactly how many employees they wish to hire in the coming year. Trustate currently has five employees.
The company has been on a growth kick, according to Faquir, with a 982% increase over the last year. They declined to state whether they will hit those numbers in the coming year, stating they measure month-to-month.
"We’re building innovative tools the trusted advisors of an end client, like a grieving family member," Del Percio said. "So building that for law firms, banks, etc., to deliver better value for our clients, as well as serve end clients as we can continue to grow and scale."
