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Carmel software firm lands $1.5M in VC from big names

July 26, 2016

Bolstra LLC, a Carmel-based software-as-a-service company, recently raised $1.5 million in its first venture round from firms associated with Aprimo co-founder Bill Godfrey and former ExactTarget executive Tim Kopp, among others.

The company, formerly known as ConsultTeams LLC, sells a "customer success management" platform focused on businesses who sell to other businesses.

ConsulTeams, founded in January 2015, had been a tech consultancy, but it pivoted to selling software this spring.

The recent equity round was led by Indianapolis-based Elevate Ventures. Godfrey's 4G Ventures, Kopp's Hyde Park Venture Partners, Carmel-based Charmides Capital and private investors also participated in the round.

Godfrey, who knows CEO Haresh Gangwani, was also an early angel investor in ConsulTeams.

The company has nine full-time employees, and it enlists two outside companies to handle its software engineering and design work. It plans to move those tasks in-house in 2017, officials said, and employ up to 29 by the end of that year.

Bolstra was co-founded by Gangwan—a former Aprimo vice president and Software Artistry engineer—and chief operating officer David Cochran.

Cochran and Gangwani worked together at mail-order record-club company Columbia House in Terre Haute in the early 1990s.

The company had occupied about 400 square feet of space at Yeager Office Suites of Fishers, a co-working operation near  State Road 37 and East 141st Street.

It moved to 12400 N. Meridian St. in Carmel in April for more space, Gangwani said, and now occupies 2,700 square feet.

The company has an incentive agreement with the state that could earn it $875,000 in tax credits if it has 56 employees by the end of 2019.
 

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