JumpStart Inc. of Cleveland announced it has made a $250,000 investment in a local FinTech startup, ExpenseBot, which produces software that automates and simplifies expense management for businesses.
The investment, part of a larger seed round led by Cleveland’s Drummond Road Capital and Techstars Ventures, comes from JumpStart’s Evergreen Fund.
Ed Buchholz, CEO of ExpenseBot, said in a phone interview on Tuesday, Oct. 11, that a public announcement of the overall round will come in the first quarter of 2017. With the closing of that round, he said, ExpenseBot will have raised “several million” dollars over multiple funding rounds.
ExpenseBot, founded in 2013, was the first Cleveland firm to be invited to the highly selective Techstars accelerator program. JumpStart said in a news release that the firm has received backing from investors such as Foundry Group, 500 Startups and Kima Ventures.
Buchholz said the funding from JumpStart and the upcoming seed round will help the company bring its product to market and grow the sales and customer service teams.
Read the full story at Crain’s Cleveland Business.