Proformative Raises $1.1 Million In Series A Funding
Proformative is an online resource for corporate finance executives that has raised $1.1 million in Series A funding. This round of funding was led by Bullpen Capital and Mike Maples of Floodgate. Proformative plans on using the funding to accelerate their expansion. Below is a press release from the company:
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry
SAN JOSE, Calif., May 10, 2011 /PRNewswire/ — Proformative, the nation’s leading online resource for corporate finance executives, announces Series A funding of $1.1 million. The funding was led by Bullpen Capital and Mike Maples of Floodgate. The capital will be used to accelerate expansion as the leading online destination for corporate finance, treasury and accounting executives.
Proformative is the largest and fastest growing online resource for senior level corporate finance executives, offering a uniquely valuable resource where corporate finance, treasury and accounting executives excel in their careers through an unmatched global peer network, expert advice and guidance, valuable news and information and cutting-edge tools and resources, all in a completely professional, “noise-free” environment. Proformative offers a professional community with more than 350,000 members, 70% of whom hold titles of Director, Vice President or C-Level Executives.
“As the premier destination for corporate finance, treasury and accounting executives, Proformative offers an exciting and effective new platform that has experienced exponential growth in its first two years. Proformative is the first functionally-focused online resource to succeed with this community and we believe they have massive growth potential,” said Mike Maples, Partner at Floodgate, and investor in key platforms and networks such as Twitter, Chegg and Spiceworks.
“Proformative is building a marketplace for corporate finance executives. Marketplaces are hard to build, but once at scale, are very sticky,” says Duncan Davidson, Founder and Managing Director of Bullpen Capital. “We see this company as building one of the long-term successful franchises of this era.”
Founded in 2009 in Silicon Valley, California, Proformative (www.proformative.com) is exclusively dedicated to serving the needs of corporate finance, accounting, treasury and related professionals. Proformative’s members find valuable free resources, relevant news and information, and a vibrant community of their peers and subject matter experts that enable them to manage corporate transformation and excel in their careers.
“We believe the Series A funding offered by Bullpen Capital and Floodgate is a testament to our success to date and an indication of the growth potential of Proformative,” said John Kogan, CEO of Proformative. “We offer a unique solution and a wealth of valuable tools, resources and content all designed for this highly influential audience. The Proformative platform has been embraced by many Fortune 500 companies and other partners interested in accessing our audience of influential business leaders.”
FLOODGATE is a Silicon Valley based, early-stage micro-VC fund focused on start-ups that fundamentally disrupt existing large markets or create new market categories. The firm currently works with consumer-focused companies such as Twitter, Chegg, ngmoco, digg, Modcloth, KNO, Stipple, and Smule, as well as business-focused companies such as Solarwinds, Spiceworks, Demandforce, Egnyte, and YuMe Networks.
BULLPEN CAPITAL is a new venture fund that invests in early stage social/mobile/web companies, typically in follow-on financings originally funded by super-angels. Bullpen’s role is to extend the “lean” investment model established by the super-angels, which has led to the rapid success of companies like Twitter, Chegg, Etsy and Groupon. In addition to Proformative, Bullpen’s portfolio also includes Assistly and a third company operating in stealth mode.