The deal marks the first investment for the Alliance of Angel’s “side car fund,” a new $4.3 million iniatitive supported by Madrona Venture Group and Trilogy Partners that’s designed to provide matching funds to promising startups.
“We raised more than we expected to raise,” said Chief Executive Charles Seybold, a former Expedia employee who launched LiquidPlanner about one year ago. Since then, the company has operated without much outside capital and has tried to keep things “lean,” he said.
Seybold said they only formally started raising the capital about 45 days ago. “It was a bit of a nail biter to wait for first quarter results to come out to do our fundraising,” said Seybold.
According to Seybold, the new capital should be more than enough to get the company to profitability. As part of the new investment, angel investor Geoff Entress has joined the company’s board.
LiquidPlanner is a hosted, web-based project management application, featuring scheduling, time tracking, and collaboration tools. They presented last month at WTIA’s Fast Pitch Forum.