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Monday, 23 October 2017 10:59

Tech firm Blue Medora raises $8 million in venture capital

Written by  MiBiz Staff
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GRAND RAPIDS — Enterprise software developer Blue Medora LLC has raised another $8 million in capital that will support continued growth.

Chicago-based venture capital firm First Analysis led the Series B round, which included prior Blue Medora investors Wakestream Venture LLC in Grand Rapids, St. Louis, Mo.-based Lewis and Clark Ventures and eLab Ventures.

With the investment, First Analysis received a seat on the Blue Medora board.

“The closing of the Series B1 is another sign that the industry continues to recognize our unique capability to deliver enterprise-class integration in new ways that the market demands,” Blue Medora CEO Nathan Owen said in a statement.

In the last year, Blue Medora has seen growing interest from customers for integration software for application management and cloud and database management platforms.

The company grew revenues in the most recent quarter by 130 percent and has experienced seven straight periods of record sales, which were not disclosed. Large enterprise customers in data-intensive industries include Safeway, Best Western and the University of Washington.

Blue Medora previously raised nearly $7.5 million in venture capital in 2016 and $4.6 million in 2015.

Read 1854 times Last modified on Monday, 23 October 2017 13:07

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