LevelEleven has closed on $2 million in venture funding, seed capital that is expected to fuel the next stage of growth for the mobile app startup.
The downtown Detroit-based company was spun out of ePrize last year, producing enterprise software focused on helping motivate sales professionals track their progress. Compete, it’s newest platform, gamifies the sales experiences by providing a leaderboard that tracks with realtime information.
LevelEleven raised $1.5 million in seed capital last year. The startup’s investors include Detroit Venture Partners
, Hyde Park Venture Partners
, Mashburn Justice Capital Partners
, and angel investor David Fry. The company is looking at raising a Series A round of venture capital in 2014. The current round of funding is expected to help develop more features, such as helping monitor their employees and maximize their sales performance.
“We’re very, very focused right now on evolving the product and adding more customers to our client roster,” says Bob Marsh, CEO of LevelEleven
The 1-year-old company now has grown its client list from 20 companies to 100 firms over the last year. Its customers include Comcast, CVS, Delta Airlines and the Detroit Pistons. "It's a broad mix," Marsh says.
That increase in clients has allowed LevelEleven to grow its revenue nine fold over the last year. The company has also grown its staff to 13 employees. It is currently looking to hire a head of sales.
Source: Bob Marsh, CEO of LevelEleven
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.