Indianapolis-based online board management platform company Boardable announced it raised $1 million seed round from High Alpha Capital. In conjunction with this funding round High Alpha Capital partner Eric Tobias will join the company’s board of directors.
What does Boardable do? It supports the mission of increasing board member engagement for nonprofits. And the company is planning to invest this funding into talent, product, marketing, and sales. Specifically, Boardable is aiming to double its full-time employee count by the end of 2019.
“The collaboration between Boardable and High Alpha Capital is a natural fit. 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,” said Boardable CEO Jeb Banner in a statement. “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. We believe High Alpha Capital’s involvement will be transformative, and we look forward to having Eric join our board and help us accelerate.”
As a purpose-driven company that serves those who serve their communities, Boardable’s software enables nonprofits to create healthy and effective boards. Currently, the company has more than 350 customers in over 20 countries. And they have eight full-time employees based in Indianapolis. Prior to this round, Boardable previously raised $1.35 million through an early-stage friends and family round backed by many angel investors in Indianapolis.
“Boardable is an essential tool for nonprofits looking to better engage their board members. High Alpha Capital is excited to be partnering with Jeb and the Boardable team and to be making our first investment in the nonprofit tech space,” added Tobias. “The transfer of wealth in the U.S. over the next 20 to 40 years will be significant, with most experts estimating that $50 to $60 trillion will change hands. We believe a significant portion of this transfer will make its way to nonprofits, making them even bigger operations than they are today and encouraging them to make increased investments in technology. We believe Boardable is well positioned to capture on this trend.”
