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Monthly Archives: December 2018
November 21, 2018 – Ballast Point Ventures is pleased to announce a growth equity investment in SkuVault, based in Louisville, Kentucky. BPV led the $8 million Series A investment with participation from Poplar Ventures and Endeavor Catalyst. SkuVault will use the investment to amplify marketing efforts, add to the sales force, and further enhance its software product offering.
SkuVault provides a cloud-based inventory and warehouse management software platform designed primarily for businesses looking to scale with a competitive eCommerce and omni-channel distribution solution. The platform enables warehouse employees to fulfill customer orders more efficiently and allows purchasing managers to actively track inventory levels across disparate geographic footprints. Customers are able to scan products in and out of warehouses and retail stores via a simple barcoding system and sync real-time inventory data across multiple online marketplaces such as Amazon, Ebay and Jet.
“Billions of dollars are lost each year in the retail industry due to inefficient warehouse operations and substandard inventory processes. SkuVault’s real-time insight into inventory levels prevents overselling and out of stocks, and its barcoding and quality control features reduce picking and shipping errors, thereby increasing operational efficiency,” said SkuVault Co-Founder and Chief Executive Officer, Andy Eastes. “SkuVault is excited to partner with Ballast Point Ventures and the Series A co-investors and for the possibilities this minority investment will provide. We are looking forward to expanding our profile within eCommerce and continuing to support our long-standing customers with world-class technology tools and customer service.”
“SkuVault’s success to this point without any outside funding is a testament to the vision and technology platform developed by a great team over the last several years”, said Ballast Point Ventures’ Sean Barkman, who will join the SkuVault Board of Directors. “We are very excited to partner with Andy and the SkuVault team and look forward to working with the Company to build a leading cloud-based inventory and warehouse management software platform.”
About SkuVault SkuVault, headquartered in Louisville, Kentucky, provides a cloud-based inventory and warehouse management software platform designed primarily for businesses looking to scale with a competitive eCommerce and omni-channel distribution solution. Delivered via a Software-as-a-Service model, SkuVault’s product is directly integrated with channel management systems, eCommerce store platforms, shipping software, and many other operational technology platforms, creating a more seamless experience for its customers and allowing for more streamlined product fulfillment. SkuVault makes it easy for clients to connect their warehouses to the world while increasing fulfillment speed, accuracy, and profit. For additional information, visit www.skuvault.com.
About Ballast Point Ventures Ballast Point Ventures, headquartered in Tampa, Florida, is a later-stage venture capital and growth equity fund founded in 2002 to provide expansion capital for rapidly growing, privately owned companies, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 80 years of combined experience investing in and building high-growth companies in several industries, including software, technology-enabled business services, healthcare, and consumer. Ballast Point Ventures has $360 million under management across three Funds and seeks to make initial equity investments ranging in size from $4 million to $10 million. For additional information, visit www.ballastpointventures.com.
Source: AtlantaInno By: Madison Hogan
David Wise, AVOXI founder and CEO, said the investment will be used to accelerate product development, sales and marketing at the company.
“We plan in a very large global marketplace to use the money kind of across the board to continue to accelerate the growth of the company,” he said. “There’s a huge, huge market for us. We’re not limited in terms of geography or even in industry.”
AVOXI will also grow its Atlanta team of 80 employees significantly, Wise said. The company will look to add employees to its marketing and software engineering team.
“We’re looking at the business and trying to evaluate what is the maximum levers we need to work to kind of optimize the opportunity,” he said.
The company provides toll free virtual numbers to more than 2,400 corporate contact centers around the world.
“We help customers connect to their clients globally,” Wise said. “So we sell global virtual phone numbers. Clients selling goods or services located in Atlanta, Georgia—they want to reach customers in Singapore, we can give them local phone numbers in those markets and those phone numbers can ring over the top of any premise-based communication system.”
AVOXI also offers a cloud-based contact center technology that allows clients to deliver calls on their platform and measure the productivity of agents making the phones calls, Wise said. Clients can then look for ways to improve their sales closing ratio and how to better serve their customers.
Wise said Ballast Point was a perfect fit for AVOXI as an investor, because the team understands the market.
“They understand and appreciate the reputation that we bring to the table and what it takes,” he said. “And for them, they’re really smart, savvy guys that have the ability to do more if we need it and they also have the right connections in the Southeast for us to use as we continue to scale and grow the business.”
“We are excited to partner with David and his team to drive continued contact center market leadership and technology innovation,” Paul Johan, partner at Ballast Point Ventures, who will join AVOXI’s board of directors, said in a statement. “BPV has a strong history of supporting high-growth cloud software and communications companies throughout the Southeast, and we believe AVOXI has done an impressive job building a global communications business to serve the ever-evolving needs of its customers.”