Detroit Venture Partners, an investor in 3D Cloud by Marxent, converted $1.75 million of its loaned funds to equity in the company, according to Marxent’s CEO, Beck Besecker.
3D Cloud by Marxent is based in St. Petersburg and sells visualization software that helps users imagine a space in a 3D, digital rendering. The company closed a $7.5 million Series D round in May led by Arnie Bellini, a prominent investor in the Tampa Bay area and co-founder of ConnectWise, which sold for over a billion dollars in 2019. The $1.75 million was part of the May funding round.
“When you convert, it’s because you want to catch it on the way up,” Bellini said, referring to an investor wanting equity in the company before they predict its value to rise.
Detroit Venture Partners is a venture capital firm based out of Detroit. It has invested in companies like Genius, a music media company, and Benzinga, a financial news website, according to its website.
Marxent previously has seen investments from Dan Gilbert, the co-founder of Rocket Mortgage, and Lee Arnold, the executive chairman of Colliers International Florida who is involved in several ventures, including Florida Funders.
It’s no secret that the VC community has made fewer investments recently, Besecker told Tampa Bay Inno. But he said the company is lucky to have investors like Bellini, who have helped significantly.
“It’s a privilege to be in a position with investors who have been with the company for a long time and continue to think long term,” Besecker said.
The company is estimated to have a $135 million valuation as of the May Series D round, according to a release. It received $13.5 million in 2021, $2 million in 2018 and $7 million in 2016 and has had nine funding rounds, according to Crunchbase.
