Raising money is one thing. Raising more money from the folks who have already invested in your company is quite another. And a clear sign that you’re building something meaningful. That’s why it was nice to see that Portland startup Source has closed an $8.5 million Series A, featuring investors that were already on the cap table.
Rise of the Rest, Rogue Venture Partners, Founders’ Co-op, and Oregon Venture Fund all participated in the new round. The round was led by M13.
“Despite technological advances, the construction industry still conducts many transactions via phone, e-mail, and pen and paper,” said Anna Barber, lead investor at M13. “We’re incredibly excited to partner with the world class team at Source whose platform is reinventing commercial real estate construction with the speed and scale customers require today.”
What’s Source do that’s attracting this investment…? The Portland Business Journal puts it this way:
Source works in the architectural and construction industry. It has an online platform that helps professionals in construction and design streamline the process of finding materials, obtaining samples and sourcing final orders. The company has a massive database of products and a waiting list of manufacturers to participate. It specializes in multifamily, hospitality and commercial projects.
How will the funding be used…? According to GeekWire:
The new funding will fuel Source’s expansion of its physical showrooms. The company has brick-and-mortar locations in Portland, Seattle, Denver and Honolulu, and plans to open more locations across the U.S., Source CEO Nicole Schmidt told GeekWire.
For more, see the blog post on the funding at Source.
[Full disclosure: Source is a PIE alum. I am the cofounder and general manager of PIE.]