GRAND RAPIDS – Software developer Blue Medora LLC raised nearly $7.5 million in capital in what one expert calls a “tough,” but “good” environment for companies seeking investors.
The investment is part of an effort by the Grand Rapids-based company, which focuses on cloud system management, to raise up to $10 million in capital. Blue Medora reported the capital raise involved 10 investors at a minimum of $10,000, according to a recent filing with the federal securities regulators.
The venture capital-backed company declined to comment on the ongoing fundraising effort, which follows a successful raise of $4.5 million in 2015 that included investments from Michigan eLab Capital Associates LLC of Ann Arbor, Grand Rapids-based Start Garden LLC and Holland-based Grand Angels. The company said at the time it planned to use the capital to build its engineering, sales and marketing teams to meet demand and accelerate new product development.
Blue Medora’s ongoing capital raise comes amid an active environment for companies seeking capital, especially compared to earlier in the decade. Despite the spike in activity, investors remain focused on “the same things they always have,” said Phil Torrence, managing partner at the Kalamazoo office of Honigman Miller Schwartz and Cohn LLP.
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