Spontivly, a St. Petersburg-based software analytics company, added an undisclosed amount of new funding to its pre-series round and has officially closed the oversubscribed round.
The additional capital comes from Tampa Bay Ventures, Florida Opportunity Fund, Render Capital and Lakeland Angel Group, according to a release. The company will use the money to grow its product offering, expand its customer reach into the Midwest and hire more employees. The decision to close the pre-series round also prepares the company to begin raising a formal seed round and go to market for the first time.
"There's a significant amount that has come from the Florida region, and so the way we saw this raise, it was very much Florida's doubling down on data and community management," Marissa Huggins, the COO and co-founder of Spontivly, said.
While Spontivly did not confirm the total amount, the oversubscribed round equals more than $2 million. Previous Tampa Bay Inno reporting shows Spontivly received a $1.2 million investment led by LOI Ventures (a firm founded by Ryan Holmes, the co-founder of social media marketing company Hootsuite) and a separate previous undisclosed six-figure amount investment led by Tampa Bay Ventures with participation by Mark Cuban from "Shark Tank."
"From an operational standpoint, (the funding) solidifies what we're doing as a company, and in serving our customer base, we're really growing rapidly," CEO and co-founder Anthony Nagendraraj said, on succeeding even amid an economic downturn.
Other participating venture firms are Miami-based Rezilyent Capital, Nashville-based Apex Ventures, Orlando-based DeepWork Capital and "a number of" angel investors, according to a press release.
Besides the raise, the company has expanded to Louisville, Kentucky and is looking for customers in the Midwest, according to a release.
"If we keep doing that, it's going to be a network in the South that outperforms the huge cities by a landslide," Huggins said. "We just have to keep building those networks and those communities amongst ourselves."
Spontivly sells a platform displaying real-time analytics about company data. It's a third-party system that can record metrics across business tools like Slack, Zoom and Eventbrite. More than 70 businesses use the platform, according to its website, and Spontivly has 13 employees.
In 2022, the company moved from Alberta, Canada to St. Pete and joined the Tampa Bay Wave and Embarc Collective incubator programs. It also was chosen as a 2022 Startup of the Year honoree.
