Tag Archive for: Investments

 Delve Health on Track to Transform Clinical Trials Worldwide

Traction Capital has invested in an on-going partnership with a local Minnesota MedTech company with experience in clinical studies around the world. Delve Health reduces clinical trial costs and accelerated drug development by bringing the trials to patient homes, enabling more accurate data collection, and processing from wearables, digital health apps and sensors. The Minneapolis venture capital firm looks forward to helping the company continue their expansion.

Delve Health’s end-to-end solution combines web, mobile, SMS and wearables to make clinical trials more accessible to a broader group of patients to increase patient diversity and engagement. Ultimately, Delve Health’s technology platform improves clinical trial outcomes for pharma and medical device companies.

“We are very excited about partnering with Traction Capital. Their investment will allow us to nearly double our staff, while updating and strengthening our platform—all of which will allow us to continue to effectively help patients around the world” says Wessam Sonbol, co-founder and CEO of Delve Health. Delve Health has already supported 100+ studies and 26 registries in a variety of therapeutic areas. Their clients include medical device, pharmaceutical, and biotech manufacturers; clinical research organizations (CROs); as well as specific therapeutic area organizations.

The founders, Wessam Sonbol and Tamer Swidan, each have over 20 years of experience in healthcare and technology industries—making them extremely qualified to enter the MedTech world. With big goals on the horizon, they are looking to hire for a variety of positions, including individuals with expertise in sales, marketing, operations, and software development. Follow Delve Health as well as Traction Capital’s LinkedIn pages for more details and up-to-date information.

As they begin putting their investment to use, they plan to grow their team, expand their marketing efforts, and continue to work on product enhancements.

Key advantages of Delve Health’s solution include:

  • Access to a large, diverse patient pool
  • Reduction in patient burden and increase in patient data
  • Minimized patient dropouts

Traction Capital and Delve Health are delighted to partner in pursuit of this growth opportunity. With similar principles, Traction Capital looks forward to helping Delve Health enhance their values and achieve high growth. “The Traction Capital team is looking forward to working with Delve Health as they remain focused on growing their business and making clinical trials more accessible to a greater number of people. We believe the industry is ready to embrace Delve Health’s innovative solution to virtual and hybrid clinical trials (e.g., decentralized clinical trials (DCTs)), which is validated by their growing number of contracts with major clinics around the world. We are excited to work with Wessam and his team as we implement processes and leverage our experienced network to add value and grow the business,” says Shane Erickson, Founder and Managing Partner of Traction Capital.

 

Traction Capital has invested in a Minnesota Technology company revolutionizing the way people fly fish. The company provides anglers with the knowledge and technology to optimize their trout fishing experience. The Minneapolis venture capital firm looks forward to helping TroutRoutes grow their platform as they tackle the U.S market.

TroutRoutes is revolutionizing a sport that began over 1,000 years ago. Their mobile app and desktop service provides anglers with maps of public streams, water conditions, access points, elevation levels, GPS services, locations of local fly shops and more.

“What we’re most excited about is the mentorship and integrated approach to Traction as a capital partner,” says TroutRoutes founder Zach Pope. “The next phase of our project will require more than an early product and an excited early adopter cohort; we’ll need structure, process and people and I can’t think of a better partner for this than Traction Capital and the leadership with Shane Erickson.”

TroutRoutes is already active in 33 states and has mapped over 25,000 streams. With over 100,000 users, they are changing the way new and accomplished anglers experience trout fishing.

Founder Zach Pope is an avid trout angler himself and noticed firsthand the opportunity in the market. In addition to angling, Pope also has experience in technology engineering and management in the medical device space with a Masters in Management of Technology from the University of Minnesota. TroutRoutes has grown rapidly in 2022 and now has 4 employees, with several active openings in technology (software engineering), marketing and operations.

As TroutRoutes begins putting their investment to use, they plan to grow their team, expand to the rest of the U.S and continue to work on product enhancement.

Key advantages of TroutRoutes include:

  • Every trout stream with proprietary rating system
  • Public land access
  • GPS and Navigation
  • 750,000 Designated Access Points
  • Real-time Stream Flows and Elevation Map
  • Personal Notebook (make notes, create markers, plan trips)

Traction Capital and TroutRoutes are excited to join forces during this period of rapid growth. With strong entrepreneurial spirit, Traction Capital looks forward to helping Zach grow his team with more like-minded, hardworking individuals. “Zach is an incredibly smart and driven individual. The Traction Capital team and I are very impressed by the platform he’s developed and can’t wait to see the company accelerate as he grows his team,” says Shane Erickson, Founder and Managing Partner of Traction Capital.

B2B sales company, Saltbox, has received a $500,000 investment from Traction Capital to finish out their $675,000 raise. The Minneapolis-based company is revolutionizing the way B2B organizations improve the buying experience of their customers. As Saltbox continues to grow, Traction Capital looks forward to working closely with their team.

Saltbox is a Salesforce startup that helps to digitize, personalize and automate a B2B consumer’s buying experience. With their extensive knowledge of Salesforce, they are able to improve storefront experiences and purchases, in addition to streamlining order management. As B2B buyer personas shifts, B2B buyers are expecting more B2C– like experiences and Saltbox assists organizations in identifying and catering to that shift.

“The investment and partnership from Traction Capital will play a pivotal role in helping Saltbox accelerate our mission of helping B2B companies reimagine the buying experiences of their customers through the use of Salesforce. I’m also excited to bring Traction’s experience as operators to our board of directors, as their guidance will be just as important as their capital as we look to scale the business and capitalize on the tremendous opportunity for rapid growth that the salesforce ecosystem provides,” says David Blue, founder of Saltbox.

The company strives to deliver engaging, frictionless, B2C-like buying experiences to their customers. Unlike their competitors, Saltbox specializes in B2B commerce and order management, with capabilities spanning the entire Salesforce platform. Their expertise and ability to serve end-to-end buyer transformation use-cases also helps them stand out. Saltbox’s three main industries of focus include manufacturing/consumer goods, high-tech/software and medical devices/pharma.

For the immediate future David’s focus will be expanding their software, growing their team, and continuing to innovate within the company. They are currently hiring a Salesforce Account Executive, multiple positions within the delivery organization, and will continue to post as more positions become available. Check out their LinkedIn for more details.

Both experts in their field, Traction Capital and Saltbox are eager to join forces. “We are excited by David’s extensive experience in the field and his ambition to make Saltbox succeed. Traction Capital looks forward to helping Saltbox grow their team and continue to innovate with the implementation of EOS. Our Traction team believes Saltbox has what it takes to transform the way B2B organizations interact and we are eager to help them accomplish that,” says Shane Erickson, founder and Managing Partner of Traction Capital.

Traction Capital has invested $500,000 in Froogle, a Software company that focuses on the hospitality industry. The company utilizes its location-based technology and online ordering software to help small and medium sized businesses draw in new consumers while also saving money and manpower. The Minneapolis venture capital firm is excited to be a key partner in Froogle’s growth and development.

Froogle is a SaaS startup that uses its technology to enable restaurants to offer mobile contactless order and pay for pickup and delivery. This software is free for businesses to use. Froogle also assists with social media, marketing/advertising and web development, this lessens the marketing hassle for restaurants and helps them compete with their larger competitors.

“When I met Shane and Brian at Traction Capital I felt they understood the vision of Froogle and what it offers to small and medium size businesses. I am extremely impressed with Traction Capital, their knowledge and support in growing businesses is what attracted me to them. Froogle’s Free online ordering software and assistance in helping with marketing, advertising and web development takes a lot of pressure off the small business owner.  We are growing so fast that we are seeing 15-20% month to month growth,” says, Michael Juszczak ,founder and CEO of Froogle.

Froogle currently has clients across 25 states and they have seen over a 90% retention rate. As Froogle continues to grow, they are looking to hire 8 employees in a variety of different roles including sales, social media manager and a content manager. Keep an eye on Froogle as well as Traction Capital’s LinkedIn for more details.

Key advantages and features of Froogle include:

  • Free White label ecommerce platform
  • Online marketing
  • Web development
  • Social Media Engagement
  • Cost Reduction for restaurants

Traction and Froogle are excited to focus on growth and more national expansion. With both companies’ EOS backgrounds, the joining of forces will only drive more success. “Mike and Corey of Froogle specifically sought out our Traction Capital team at Twin Cities Startup Week in fall of 2021. Their experience and interest in running Traction EOS aligns perfectly with Traction Capital’s thesis and value add. Mike and Corey are hustlers, go getters and have what it takes to be successful with Froogle in a high demand marketplace, while adding value to their customers,” says Brian Cox, Integrator and President at Traction Capital.

After raising $500,000 in capital in recent months, ControlBright is set for growth and has chosen veteran technology executive and private equity trailblazer Barbara Stinnett to lead the charge. Stinnett’s role as President began on 3/15/2022.

Barbara Stinnett is a highly respected industry executive who brings a wealth of global leadership experience in high-tech organizations. Stinnett served and led operationally in the C Suite at Hewlett Packard, Sybase/SAP, Oracle, & Cisco where she was directly responsible for global sales, services, and support groups. She was also the first female CEO for one of the largest global Private Equity firms. In 2008, she founded Timmaron Group, based on her passion to work with companies to address their strategic desires by applying technologies to be the best they can be.

“Barb brings unparalleled leadership skills and a deep skill set in technology,” says ControlBright Founder Chad Behling. “We are excited to have her join our team. With her industry acumen, financial expertise, and extensive connections, we have no doubt that Barbara will position ControlBright for considerable growth.”

Stinnett holds degrees in International Business and Management Information Technologies, Applied Technologies, and International Studies from the University of Wisconsin. She is a National Association of Corporate Directors certified fellow and seasoned board member serving on over 15 public, private, and non-profit boards.

Over the next year and beyond, Stinnett and ControlBright will work to build out their team to scale up production and sales. With Stinnett in place, Behling will be able to shift his focus to spending time on the company vision and areas of the business he is best at.

Traction Capital has invested $500,000 in a Duluth, MN company that is innovating within the industrial lighting and controls industry. The Minneapolis venture capital firm is excited to take the lead on ControlBright‘s first round of funding.

 

ControlBright is a hardware/software solution that enables remote access to a building’s lighting, HVAC, alarm, and automation systems. The company utilizes a Football (4G LTE device) that exists onsite and connects back through the cloud via ControlBright’s proprietary platform. This allows technicians to perform many of their service and maintenance duties from their home or office.

 

“Our main customers are large OEMs (original equipment manufacturers) because our remote access solution saves them significant amounts of time and money,” says Chad Behling, founder of ControlBright. “But the real beneficiary is the technician who no longer has to travel long distances – sometimes across multiple states – for on-site service or maintenance checks that are often on minor or routine issues.”

 

The OEMs ControlBright sells to supply lighting and other industrial controls solutions to many of the largest retail stores, hospitals, office buildings, warehouses, factories, and multi-residential buildings around the world. The OEMs provide the technical support to most of the systems they sell, so remote access solutions like ControlBright deliver significant value to their service departments.

 

Many other remote access solutions do exist in the market. However, ControlBright offers one additional feature that sets it above the rest. ControlBright’s key differentiator is their ability to connect to multiple remote systems without configuring unique IP addresses for each system.  This is a powerful feature that makes deployment and management of systems in the field a breeze.  Large deployments no longer need extensive ongoing planning and IP address management.

 

Over the next year and beyond, Chad and ControlBright will work to build out their team in order to scale up production and sales. Traction Capital will support ControlBright through this process and believes the key to the business’s success will be to bring in the right people for the right positions and get Chad spending more of his time on the vision and areas of the business he is best at.

 

“What Chad and ControlBright have accomplished already with a small team is certainly impressive,” says Peyton Green, Sr. Associate at Traction Capital. “We are excited to see how much faster they can go with this investment and a couple of key hires.”

About ControlBright

ControlBright is a Duluth, MN based company selling hardware and software that creates remote access solutions for industrial lighting, HVAC, alarm, and automation suppliers. ControlBright’s solution allows for these suppliers to reduce costs and increase efficiency by enabling their technicians to manage, diagnose, and solve more issues remotely.

For more information, please visit: https://controlbright.com/

 

About Traction Capital

Traction Capital is a Minneapolis venture capital and private equity hybrid fund on a mission to help entrepreneurs get what they want for the greater good. The principals at Traction Capital achieve this goal by making investments in and acquisitions of companies in the “capital gap” – a place where funding is often vital, but less available. Traction Capital uses its entrepreneurial approach and investor base to better connect with its portfolio founders as they work together towards a common goal.

 

Traction Capital has invested $500,000 in a Rochester, MN company that is revolutionizing the way football coaches around the country – from youth to professional – are running practices. The Minneapolis venture capital firm is excited to take the lead on GoRout’s seed round of funding geared towards growing the company.

GoRout is a high-tech startup that uses its unique devices and self-designed software to deliver football practices that are 3 times more efficient than traditional practices. Using GoRout’s technology, coaches can design practice plans ahead of time and send plays to the players in real-time – eliminating the need to huddle in-between plays and maximizing the volume of reps teams can run in a standard practice time.

“Our biggest competition is the status quo,” says Mike Rolih, founder of GoRout. “Nobody is doing what we are doing yet, and the results speak for themselves. Across our customer base – including many Power 5 Division-I Football programs – we have a winning percentage over .700. We guarantee that we will make your team’s practices more efficient using our technology.”

The GoRout devices are primarily used by scout teams during a practice. Scout teams serve the purpose of emulating the upcoming opponent of the team, giving the first-team players reps against offensive and defensive looks they can expect to face during that week’s game. This type of preparation is vital to a team’s success.

Teams that do not use the GoRout system are usually requiring scout teams to study and use hand-written play cards that need to be created each week ahead of the upcoming game. This method requires many stoppages in the flow of practice as each play requires a new huddle and break to run, resulting in ample wasted time and interruptions.

The focus over the next year and beyond will be to get the product in the hands of more coaches and expand into new sports. Mike’s vision for GoRout includes revolutionizing how all sports teams practice.

Key features of GoRout’s platform include:

  • Ability to upload play cards into the software ahead of each week’s practice and design the practice plan.
  • Devices the players wear on their waste that allows them to view the plays without having to huddle or break.
  • Coach’s ability to send plays throughout practice to the players’ devices using the GoRout app.

Traction Capital and GoRout are excited by the opportunity to focus on the company’s growth with the investment. The principals at Traction Capital will help the GoRout team implement business and growth processes, add to their team, and ramp up sales to get the product in more programs across the country. “We are excited by Mike’s progress to-date in building this company, and even more excited to help them reach another level. The team at GoRout is A+ and we believe they are ready to grow and grow fast,” says Shane Erickson, founder and Managing Partner of Traction Capital.

 

About GoRout

GoRout is a Rochester, MN company that strives to revolutionize the way sports teams practice. Founder Mike Rolih has combined experience as a player and coach with the technical know-how to execute on a vision of more efficient practices. GoRout’s software and devices make practices 3 times more efficient, helping teams around the country improve their performances on game day.

For more information, please visit: https://www.gorout.com/

 

About Traction Capital

Traction Capital is a Minneapolis venture capital and private equity hybrid fund on a mission to help entrepreneurs get what they want for the greater good. The principles at Traction Capital achieve this goal by making investments in and acquisitions of companies in the “capital gap” – a place where funding is often vital, but less available. Traction Capital uses its entrepreneurial approach and investor base to better connect with its portfolio founders as they work together towards a common goal.

Tag Archive for: Investments

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