Boardable, a local tech firm that sells software for board management, on Wednesday announced it has secured $3 million in venture capital from High Alpha Capital, VisionTech Partners and Collina Ventures.
Founded in 2017 as Board Management Software Inc., Boardable has 16 full-time employees in Indianapolis. Company officials said part of the cash infusion will be used to expand the staff to 30 in the next year.
Company officials said the capital also will be used in 2020 to add product options to its software and increase marketing efforts.
In May, Boardable secured $1 million in funding from locally based High Alpha.
“The funding and expertise that High Alpha provided in 2019 has proven successful and helped us more than triple recurring revenue so far this year,” said Boardable CEO Jeb Banner in written comments. “Heading into 2020, we have even bigger aspirations for the company. We want to serve as many of the 10 million nonprofits around the world as we can. We believe a healthier board has a ripple effect, expanding out through a healthier nonprofit to improve the health of the entire community.”
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.
Boardable has more than 350 customers in more than 20 countries, company officials said. The company initially raised $1.35 million through an early-stage “friends and family” investment round backed by Indianapolis-area angel investors.
“Boardable has proven to be an essential tool for nonprofits looking to better engage their board members. We are thrilled to continue our relationship with Boardable as they expand their services to customers across the globe,” said Eric Tobias, partner at High Alpha. “With our last investment, we have seen that Boardable is transforming the nonprofit tech space and we are excited to help them accelerate their growth even more.”