Fulcrumpro Inc., a Minneapolis-based software-as-a-service company that supports the supply chains of manufacturing companies, has raised a $3.1 million seed round, it announced Thursday.
The round was led by Chicago-based Motivate Ventures. Other participants include Bain Capital Ventures, and local firms Bread and Butter Ventures and Matchstick Ventures. Local individual investors who participated in the round include Daren Cotter and Phil Soran. A total of 15 investors participated in the round, according to an SEC filing.
Related: Read Fulcrum's Form D filing here.
Fulcrum was founded in 2015 by Sunny Han, who is the company’s CEO. “We’re excited to accelerate growth with these funds and counsel from our investors,” Han said in a statement.
This is Fulcrum's first outside investment. It has 15 employees and hopes to use the new capital to hire 20 more in the next year, specifically in sales and marketing positions. While the company declined to disclose its revenue, a spokesperson said it has an 11% month-over-month growth rate. It currently has at least 50 smaller manufacturing companies as its customers.
“Manufacturers of all sizes struggle with digitizing their processes. The cost of a new system is astronomical and takes an incredible amount of time to customize and implement. Sunny and the amazing team at Fulcrum are changing all of this with better technology for a new generation of production,” Bread and Butter partner Brett Brohl said in a statement.
Fulcrum recently participated in this year’s Minnesota Cup. It was the runner-up in the high tech division, which got the company a $5,000 cash prize.
