The $1.25 million Blue Medora received from Start Garden and Grand Angels will go to add staff and develop new products.
The Grand Rapids-based software company, which develops extensions for IBM and Oracle enterprise software, expects to hire 10 new employees by mid-2014. The company now employs 21 people.
The investment in Blue Medora reflects improvements in the ability of local entrepreneurs to received funding, CEO Nathan Owen said. All of the capital Blue Medora needed to grow came from local investors, Owen said.
“It’s exciting that this is being funded by Grand Rapids groups – local investors building local businesses. A few years ago, that wouldn’t have been possible,” he said.
Blue Medora is a five-year-old joint venture between Owen and software development firm Atomic Object. The company received $750,000 from Grand Angels and $500,000 from Start Garden, the maximum investments the pre-seed fund makes.
“With the Blue Medora investment, we invested aggressively into seasoned entrepreneurs already working in a space with huge potential that they know very well. It’s the aggression to jump on opportunities, whether it’s $5,000 or $500,000, which is vital to making our region a great place for entrepreneurs,” Start Garden founder Rick DeVos said in a statement.