Boardable, a local tech firm that sells software for board management, on Tuesday announced it has secured a $1 million seed round from High Alpha Capital.
Founded in 2017, Boardable said it plans to invest the funds in talent, product development, marketing and sales, aiming to double full-time employees—to 16—by the end of the year.
Eric Tobias, partner at High Alpha, will join Boardable’s board of directors as part of the deal.
“The collaboration between Boardable and High Alpha Capital is a natural fit," Boardable CEO Jeb Banner said in a written statement. "I have a long history of working with members of the High Alpha team on several projects, so I know and trust them. Boardable had originally planned to do a smaller bridge round, but it didn’t take long for us to see High Alpha Capital’s value as a strategic asset.”
Boardable's software-as-a-service product creates an online board management portal that centralizes communication, document storage, meeting planning and other tasks involved with running a board of directors. Central to the company’s mission is increasing the engagement of not-for-profit boards.
“Nonprofits have been overlooked from a SaaS perspective for a long time, and now we’re starting to see venture capital coming in, and that’s exciting news for not just Boardable, but for the entire nonprofit tech space," Banner said. "We believe High Alpha Capital’s involvement will be transformative, and we look forward to having Eric join our board and help us accelerate.”
Boardable has more than 350 customers in more than 20 countries, company officials said. The company previously raised $1.35 million through an early-stage "friends and family" investment round backed by Indianapolis-area angel investors.