Startup tech firm Sigstra plans to invest $1.4 million to double its footprint in the Circle Tower Building in downtown Indianapolis and add 111 new jobs by 2020.
Sigstr—which sells software to help companies manage email signatures and insert subtle marketing campaigns beneath them—doubled its revenue in the first quarter of this year, according to the Indiana Economic Development Corporation.
The company has also more than doubled its customer base—to 185 customers—since December, when it raised $1.5 million from prominent local and national investors, including former Aprimo CEO Bill Godfrey.
“The decision to scale our business in Indianapolis is a huge part of our competitive advantage,” said Dan Hanrahanthe, founder and chief executive officer of Sigstr, said in a statement.
“I personally came up through iGoDigital and ExactTarget with amazing mentors and connections to some of the brightest, most accomplished people in marketing tech. As a growing tech company we had many location options; however, scaling quickly, you need access to capital, customers and talent, which we were able to successfully find right here in in Indy.”
Hanrahan started the company in summer 2014 after witnessing inefficiencies with corporate copy-and-paste email campaigns.
About a year later, Sigstr became High Alpha's first portfolio company. Former ExactTarget CEO Scott Dorsey is the managing partner at High Alpha, which creates and adopts business-to-business software firms.
Since its launch, the startup has also secured financial backing from LinkedIn executive Eduardo Vivas and San Francisco angel investor Steve Goodman.
The IEDC offered Sigstr up to $1 million in conditional tax credits based on the company's job creation plans. The incentives are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives.
The company is located on the 10th floor of Circle Tower and plans to double its space there by adding 4,000 square feet adjacent to its current office.
Sigstr has hired 20 employees within the last year, including three this month, according to the IEDC. The company is currently hiring for account management, marketing and software engineering jobs, and plans to add 59 positions by the end of 2018.
Positions are expected to pay average wages more than 25 percent above the state average. Interested applicants may apply online at www.sigstr.com/company.
“We commend the rapid growth of Sigstr over the last year and are excited to welcome this expansion in the heart of our city,” said Angela Smith Jones, the city’s deputy mayor for economic development, said in a written statement. “Supporting the tech ecosystem is vital to the continued growth of the Indianapolis economy and further diversification of our workforce.”
Gov. Mike Pence said Sigstr’s announcement is the “latest in a long line of great announcements from our state’s rapidly growing tech community,” which he credited to low costs and a skilled workforce.
Sigstr serves national and global clients including Angie’s List, Delta Faucet, SalesLoft, ReturnPath and Roche.