Month: November 2018
Sandalphon follows-on in Jiobit’s $6.5m funding round alongside Netgear
FINANCING FROM NETGEAR, TECHSTARS VENTURES, AND MIDWEST FIRMS TO BACK MARKET EXPANSION
November, 19 2018 (Chicago, IL) – Jiobit, a Chicago-based provider of wireless location-based technologies, today announced it has closed a $6.5M investment round from leading technology veterans alongside a strategic investment from California-based NETGEAR, a worldwide leader in home networking. Jiobit will be leveraging the new capital to accelerate the growth of sales and marketing, R&D efforts, as well as expanding their IP portfolio. Founded by ex-Motorola executives John Renaldi and Roger Ady in 2015, Jiobit has raised a total of $11M to date.
Other notable participants in this round include MATH Venture Partners, Techstars Ventures, Wakestream Ventures, Sandalphon Capital and Uber Executive, Lior Ron.
“Connecting families with the most advanced technology is at the core of NETGEAR’s mission, and Jiobit is working to provide just that. Jiobit’s objective to offer peace of mind through location tracking technology is exactly the kind of mission we want to be a part of,” said David Henry, NETGEAR’s SVP of Connected Home Products.
The hardware-enabled SaaS company began shipping their first product in December of 2017. Jiobit now plans to expand marketing efforts, distribution channels, hiring, R&D, and product portfolio, in 2019. Jiobit is an excellent example of a Midwest company that has developed their own patented core technology that has consumer and enterprise applications. In 2017 Chicago tech companies raised more than $1.7B in funding and Jiobit’s successful raise continues this trend of funding for Chicago-based startups.
“The technology scene in Chicago continues to explode and is positioned to be an international hub for innovation due to its talent and infrastructure,” said Troy Henikoff, Managing Director of MATH Venture Partners. “As a member of this community, I’m committed to supporting great entrepreneurs and disruptive technologies here. I believe Jiobit has both.”
“Only one year after our first shipment, this investment from our strategic partners provides Jiobit the opportunity to expand our product line into several new consumer markets including petcare and families with children who have special needs, bringing peace of mind to millions,” said John Renaldi, Jiobit Founder and CEO. “Both Jiobit and our recent investors are at the forefront of increasing connected technology for families, and we are excited to see what we can make possible through our latest funding.”
For more information on Jiobit visit https://www.jiobit.com/.
ABOUT JIOBIT:
Jiobit is the first of its kind patented location tracking platform, enabling the longest lasting and smallest real-time location products with best-in-class security. Jiobit is waterproof, durable, discreet, and provides accurate real-time tracking at any distance. Featuring a host of encryption and security technologies, Jiobit is trusted by federal government customers, law enforcement professionals, and thousands of pet owners and families, with usage in every populated continent in the world.
Jiobit’s first product, the smallest and longest lasting real-time location tracker for kids, was inspired after Founder and CEO, John Renaldi lost track of his then 6-year-old son at Maggie Daley Park in Chicago. Jiobit started shipping this year, and it is now being used by thousands of families across all 50 states. Jiobit’s solution for families is only the beginning of where the team will take this patented location tracking technology.
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MEDIA CONTACTS:
Hannay May
hannah@hercreativemedia.com
Sandalphon follows-on in The Minte’s $2.25m Seed II round
The Minte Closes $2.25M Seed Series II Funding Round, Brings Intelligent Tech to Luxury Housekeeping
- Hotel-style housekeeping company partners with luxury apartments, condos
- New funding round led by Dundee Venture Capital; brings total funding to date to $4.7 million
- 25,000 units served in Chicago, Washington D.C., with 12 new properties launching each month
CHICAGO–(BUSINESS WIRE)–The Minte, the company bringing hotel-style housekeeping to luxury residences at the push of a button, has closed a $2.25 million seed funding round led by Dundee Venture Capital.
Additional investors in the current round includes MATH Venture Partners, Revolution’s Rise of the Rest Seed Fund, Firebrand Ventures, Blue Note Ventures and multiple prominent angel investors. The round brings total funding to-date to $4.7 million.
Returning investors, in addition to Dundee, includes Sandalphon Capital, Network Ventures and M25 Group. The company will use the funding to further develop its one-button request technology, smart home integrations and mobile apps. The Minte also plans to expand into new geographical and residential markets, with over 30,000 units planned by the end of 2018.
“The Minte represents how an operationally intensive service business can be reintroduced to the consumer with technology and convenience in mind,” said Jonathan McCulloch, Partner at Dundee Venture Capital. “Bucking the trend of part-time workers and scheduling limitations, The Minte provides real-time ordering with its full-time employees, all of whom receive benefits. This transcends both technological and labor norms to establish a new house cleaning model. Run by a skilled team and with a growing network of partnerships, The Minte is already the leader in its class.”
Frictionless housekeeping for luxury residences
The Minte makes weekly, bi-weekly and even daily housekeeping affordable and frictionless. Housekeepers hail from venerable hotels including the Waldorf Astoria, the Conrad and Sofitel. Cashless payments, eco-friendly products and automated ordering give condo-, apartment-, corporate-housing and other full-time residents the clean polish of a hotel with the peace-of-mind of their own home.
“The Minte is about affordably maintaining the cleanliness of your home, which frees up time and relieves stress,” said The Minte CEO Kathleen Wilson. “Dundee and other venture partners have been incredibly supportive. Their guidance will be invaluable as we rapidly, sustainably scale and expand our services to residences around America.”
The Minte’s current housing partners include Greystar, Bozzuto, Golub, Lincoln Property Company, Waterton and RMK, among others. The company will continue to refine its successful core service while growing into a trusted staple in the multifamily landscape.
“As technology becomes pervasive across industries impacting everyday consumer activity, The Minte has recognized a significant market opportunity for affordable hotel-style housekeeping that it can capture beginning in metropolitan cities across the United States,” said J.D. Vance, Managing Partner of Revolution’s Rise of the Rest Seed Fund. “The Minte is another example of a great consumer technology company scaling outside of Silicon Valley and benefiting from its location between the coasts.”
About The Minte
The Minte is a Chicago-headquartered startup aiming to disrupt the status quo of housekeeping. Backed by Dundee Venture Capital, MATH Venture Partners, Revolution’s Rise of the Rest Seed Fund, Firebrand Ventures, Blue Note Ventures, Sandalphon Capital, Network Ventures and M25 Group, The Minte is partnered with a number of housing partners as it expands into condos, apartments and corporate housing in the United States and internationally. For more information please visit us at http://TheMinte.com and follow our page on Facebook.
Contacts
Treble
Ethan Parker, 512-960-8222
founder@treblepr.com