The Charlotte Angel Fund has made its first investment in a Charlotte-based firm – one called Ecomdash, which specializes in e-commerce automation software.
Ecomdash is the ninth portfolio investment for the fund, which organized in December 2013 as a way to invest in high-growth early stage startups. Charlotte Angel Fund recently closed to new members and will open a second fund in early 2017, said Greg Brown, the fund’s administrator.
As part of a larger round of financing, Ecomdash will receive $125,000 from the fund. The financing will go toward “a few strategic initiatives” in addition to some sales and marketing efforts, according to a statement Tuesday.
“We’ve known the company for a while, followed their progress, and we’re happy we were able to come to terms with something that made sense both for us and for the company,” Brown said of Ecomdash. The company, he added, first pitched to the fund in 2014.
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“The company’s been able to demonstrate demand specifically for their solution through the growth in their customer base.”
Ecomdash helps retailers streamline their inventories, sales orders, product listings and shipping processes across marketplaces like Amazon and eBay.
Nick Maglosky, the company’s CEO, said this round of financing will help fuel growth in the Charlotte market – company currently has 14 full-time employees and will grow to about 20 by year’s end.