CLEVELAND, Oct. 11, 2016 /PRNewswire/ -- JumpStart Inc. has announced a $250k investment in Cleveland FinTech business ExpenseBot as part of a large seed round led by Cleveland's Drummond Road Capital as well as Techstars Ventures. This investment is one of the most recent from the JumpStart Evergreen Fund.
ExpenseBot's innovative software automates and simplifies expense management for businesses, saving their team time and the company money. Founded in 2013, the company was the first Cleveland firm to be invited to the prestigious Techstars accelerator program and has received backing from well-known investors such as Foundry Group, 500 Startups and Kima Ventures.
"As experts in accelerating the growth of technology businesses, JumpStart is a great addition to our team," said Ed Buchholz, CEO of ExpenseBot. "We're excited to bring a partner on board that provides us not only capital, but also vast experience and network."
JumpStart's Evergreen Fund has backed more than 76 portfolio companies and is now making new investments alongside two entirely new funds: the $20 million NEXT Fund, designed to invest larger amounts in later stage startups, and the $10 million Focus Fund, which invests exclusively in female and minority-owned ventures throughout Ohio.
"ExpenseBot is a great example of a local business led by a team with significant experience in the field of financial technology and who understand how to differentiate themselves in the market and show their value to both investors and customers," said Rem Harris, JumpStart's senior partner in charge of investing. "We are excited to partner with Ed and his team and are also excited to co-invest with other prominent firms like Drummond Road and Techstars Ventures."
A software-as-a-service offering, ExpenseBot helps businesses from 50 to 50,000 employees reduce spending and increase productivity by simplifying and automating the effort that goes into creating and processing expense reports. By integrating to credit card, calendar, email and GPS data, ExpenseBot utilizes machine learning technology to automatically create and populate expense reports for users. ExpenseBot also allows businesses to establish spending rules and data requirements to improve control and transparency of spend.
"ExpenseBot has a great team and great idea. That's why they are receiving validation from investors inside and outside Northeast Ohio," said Morris Wheeler, principal at Cleveland based Micro VC Drummond Road Capital. "This most recent investment is another important step in the company's growth and also another reminder that great companies with great ideas can find what they need to grow, wherever they are located."
JumpStart unlocks the full potential of diverse and ambitious entrepreneurs to economically transform entire communities.
For more information, visit www.jumpstartinc.org and follow @JumpStartInc on Twitter.
ExpenseBot is the award-winning provider of fully automated expense management software for enterprise companies, with offices in Cleveland, Ohio and Denver, Colorado. ExpenseBot's integrated offering is used by businesses in more than 50 countries and saves users thousands of hours each month. For more information, visit www.expensebot.com and follow @ExpenseBot on Twitter.
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SOURCE JumpStart Inc.