MISSOULA, Mont., June 13, 2017 /PRNewswire/ -- Submittable, the revolutionary cloud-based platform that can be used by any organization to easily accept, review, and manage submissions and applications and any creator looking for opportunities for work, announced today a Series A investment of $5 million led by True Ventures. The financing will fund aggressive sales and marketing efforts and product development including mobile and the opportunities marketplace. This investment will be the first time True Ventures has invested in a Montana-based company.
This Series A financing builds upon an exceptional year. The company grew more than 400% over a period of 3 years. With over 10,000 customers, including publishers, non-profits, and Fortune 500 organizations, and over 2 million submitters, Submittable is looking to grow its user base further by investing heavily in marketing and sales efforts. It will also convert from a closed to open system, which will allow any submitter to sign up for the platform and immediately begin utilizing the 'Discover' feature to find places to submit their work.
"We are positioned as the matching and reviewing platform for any organization looking for work or any individual looking for opportunities in any vertical, such as a place to publish or show your work or receive funding for scholarship or research. Whether it's a publisher looking for writing pieces or organizations looking to create a contest, we have created an ecosystem that makes it effortless for the submitter and the organization," said Michael FitzGerald, CEO.
"We're really excited to invest in Submittable because of its great potential as a new kind of SaaS marketplace where both businesses and users benefit across many different verticals," said Puneet Agarwal, partner at True Ventures. "Michael and his team are facilitating the creation and acceptance of a ton of content while building a long-lasting community. All these factors combined point toward a powerful, high-growth business."
A previous funding round was led by Next Frontier Capital, a venture firm based in Bozeman, Montana. "Next Frontier Capital is thrilled to welcome Puneet and True Ventures to the board and company. True's history of investing in legendary teams and companies will prove invaluable to Submittable. This investment is a welcome and exciting validation of Montana's emerging technology ecosystem," said Will Price, founder and general partner of Next Frontier Capital.
Benefits for the Client (Organization):
- Customize workflows for any type of submission – content publishers, online competitions, grants, academic applications
- Reduce administrative time by managing any submission in one place and retain full control over the content that's submitted
- Promote a call for content to the Submittable base of over 2 million people
- Submit any type of content including images, video, sound, and writing
- Run contests with the Gallery View feature, which enables organizations to display submissions online for a public audience to see and vote on
Benefits for the Submitter:
- As of today, anyone can sign up for a Submittable account and find organizations looking for calls for content
- Search for opportunities through the newly created 'Discover' feature
- Categorize all submissions and track the progress
Submittable is a cloud-based submission platform dedicated to providing a clean, organized system for all types of file submissions. Use Submittable to receive, review, manage, share, and score digital content (manuscripts, resumes, business plans, applications, contest entries, any type of digital file). Founded in 2010, the company has over 35 employees and is based out of Missoula, Montana. For more information, visit www.submittable.com.
About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With capital under management in excess of $1.4 billion, True provides seed and Series A funding to the most talented entrepreneurs in today's fastest growing markets. The firm maintains a strong founder community and offers innovative educational opportunities to its portfolio, helping entrepreneurs achieve higher levels of success and impact. With more than 200 companies funded and multiple companies acquired, the current True portfolio has helped create over 8,500 jobs. To learn more about True Ventures, visit www.trueventures.com.
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