ST. LOUIS, June 14, 2016 /PRNewswire/ -- TrackBill, the nationwide legislative tracking platform for state and federal government affairs professionals, has raised an additional $400,000 in funding. Serra Ventures is the sole investor in this round and the second venture capital firm to invest in TrackBill. They join Cultivation Capital and several angel investors in providing both financial and strategic guidance to the company.
To date, TrackBill has raised over $1.4 million in seed investments, won an Arch Grant, and participated in the Capital Innovators accelerator program. The company was founded in the Research Park on the University of Illinois campus in Champaign, also home to Serra Ventures. TrackBill CEO Steven Marciniak first pitched the business to Serra Ventures CEO and Partner Tim Hoerr during the initial stages of development. Although the match wasn't perfect at the time, both saw potential for the future. Marciniak again approached Serra Ventures at the end of 2015.
"We were very impressed with Steve and TrackBill from the earliest of interactions," Hoerr said. "With the company's demonstrated progress, we are pleased to add them to the Serra Capital portfolio."
Marciniak notes, "The first order of business is to hire a customer success representative to further our relationships with existing clients. We've seen great success with customer referrals and look forward to expanding these efforts."
The company is also developing team collaboration tools and user permissions for the enterprise edition of the software, which is scheduled to launch in mid-July. As with all significant updates, this addition is based on feedback from current clients who have shared their challenges and visions of what legislative tracking could become. Enterprise software, as well as an expanded sales team, will be the fuel to drive the TrackBill team to its 2016 sales goal.
Marciniak and CTO Sam Sullivan co-founded TrackBill, formerly TrakBill without the "c", in 2012. The pair envisioned an alternative to complex and expensive legislative tracking methods. To date, over 200 clients, ranging from small non-profit organizations to Fortune 500 companies, have jumped at the opportunity to simplify their policy initiatives.
About Serra Ventures
Serra Ventures (serraventures.com) is an early stage venture capital firm investing in technology companies in emerging Midwest technology centers and select other geographies. Sectors of focus include information technology, devices/instrumentation, and agricultural technologies. Serra Ventures is headquartered in the University of Illinois Research Park in Champaign, Illinois. The central Midwest location enables Serra to act local in several Midwest markets.
TrackBill (trackbill.com) is the simplest, fastest, and only mobile platform for government affairs professionals to stay informed on legislation in any (or every) state legislature and Congress. Professional service firms, corporations, and interest groups of all sizes rely on TrackBill to identify bills within their areas of interest, track their activity, and report this information to their stakeholders.