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Octiv strikes harmony with new investor, lands $4.75M

September 8, 2016

Octiv, the 70-person sales-software company based in downtown Indianapolis, raised $4.75 million in an equity capital round, the company announced Thursday.

The round was led by GE Ventures, the venture capital arm of General Electric. The company previously known as Tinderbox Inc. intends to use the cash to bolster its engineering team and refine its go-to-market strategy.

Previous Octiv investors—including coastal investor Greycroft Partners, Indianapolis-based High Alpha Capital, and Fishers-based Allos Ventures—also participated in the round.

"Our latest partnership with GE is proof that workflow management in the cloud has become a must-have for enterprise organizations that need scalable solutions," said CEO and co-founder Dustin Sapp. "This investment deepens our relationship with GE, and will help us to accelerate development priorities for our enterprise clients."

Octiv's previous financing events include a $2 million seed round a few years ago, a $3 million Series A round in 2014, and a $7 million Series B round last fall. The latest cash infusion represents a follow-on to its Series B round.

The firm's sales-productivity software helps companies improve the creation, distribution and tracking of sales documents. One of its 400-plus clients is GE Industrial Solutions; others include Angie’s List, DoubleDutch and G/O Digital.

The company was founded in 2010 as TinderBox, but changed its name to Octiv in July. On the day it announced its name change, it also announced plans to add 272 jobs by the end of 2021.

The plans were part of an economic development deal it reached with the Indiana Economic Development Corp., which offered Octiv up to $5.1 million in conditional tax credits and up to $200,000 in training grants based on the job-creation targets.

Octiv has also made some key hires over the past several months, including naming Brad Gillespie chief marketing officer at the end of July. Shannon Bradley joined the company as the vice president of client health in April, and John Ludwig  was appointed as the chief financial officer in February.

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