Software firm Bolstra raises $1.5M, adds veteran tech executive

Bolstra LLC, a Carmel-based software-as-a-service company, said Wednesday that it has received $1.5 million in a new round of seed funding and added veteran tech executive Steve Ehrlich as chief operating officer.

Ehrlich previously held high-ranking positions for several high-growth Midwest tech companies. He was president of PolicyStat, senior vice president of operations for Aprimo Inc. and general manager at Software Artistry.

Bolstra, founded in 2015, sells a "customer success management" platform focused on businesses who sell to other businesses.

It plans to use the latest round of funding on sales and marketing efforts along with the expansion of research and development resources.

Funds came from returning investors Allos Ventures, 4G Ventures, Collina Ventures and others. First-time investor VisionTech Angels also contributed to the seed round.

Bolstra previously landed $1.5 million in 2016 in a venture round led by Indianapolis-based Elevate Ventures, 4G Ventures, Hyde Park Venture Partners and Carmel-based Charmides Capital.

In mid-2015, Bolstra reached an agreement with the state to receive up to $875,000 in tax credits if it employed as many as 56 employees by the end of 2019.

Bolstra had claimed less than $27,000 of those tax credits by the end of 2017. The company has about 25 employees.

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