TinderBox lands $7 million in venture funding

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Indianapolis-based software company TinderBox Inc. has raised $7 million in equity capital, the company announced Monday, which it plans to use to enhance its product and grow its work force.

The company, which is headquartered at 54 Monument Circle, sells cloud-based sales-productivity software. Coastal venture capital firm Greycroft Partners, Carmel-based Allos Ventures and Indianapolis-based High Alpha led the funding round.

The company's previous financings include a $2 million seed round a few years ago and a $3 million round last year. Officials said the business is seeing growth on multiple fronts as it adds customers and its existing customers spend more.

"Sales is one of the last places remaining in the enterprise that's still using decades-old technology," Mitch Frazier, vice president of marketing, said in an interview Friday. "Companies are coming to us and saying, 'Help me bring my sales process online.'"

Founded in 2010, TinderBox serves nearly 500 customers worldwide, including Angie’s List and Orbitz for Business. It has 60 employees and expects to have about 80 this time next year.

It's not clear whether by the end of 2016 TinderBox will employ the 95 workers it projected that it would have in a 2013 economic development deal with the state. Still, CEO Dustin Sapp said the company will have a comparable, if not greater, economic impact than it projected.

"We're not ruling out being at 95," Sapp said, "but our goal is to continue to have even higher-paying jobs than what we laid out in our agreement. Because that's what they look at—job count and the average salary of those jobs."

The company wouldn't disclose revenue, but said it's been doubling annual sales and expects to do so in 2015, too.

Former ExactTarget CEO Scott Dorsey, who is also a manging partner at High Alpha, became chairman of TinderBox in January.

"Being able to leverage his experience in growing a fast-paced, high-growth company in Indianapolis has been invaluable for us," Sapp said of Dorsey.

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