Southern Capitol Ventures Invests in Maryland Sales Lead Firm
Raleigh-based Southern Capitol Ventures has ventured into Maryland to make its latest venture capital investment.
The firm was one of two new investors in a $4 million round of funding for Baltimore-based DoublePositive Marketing Group. Hamilton Investment Partners and Slate Venture Group also participated in the round as did several individuals and DoublePositive’s previous investors.
Frank Bonsal, co-founder of New Enterprise Associates, and Dave Willey, former chief financial officer at Capitol One, were among the individual investors.
DoublePositive will use the funds for expanded sales and marketing as well as the addition of new products.
The company, which was founded in 2004, has developed a real-time system for generating and acquiring Internet sales leads. Data collected from banner ads on Web sites is collected, screened and transferred to sales people for immediate contact.
“This fundraising will help solidify our position as the leading live lead generation company by allowing us to focus on diversification into new markets,” said Sean Fenlon, co-founder and chief executive officer of DoublePositive. “We’re absolutely thrilled about what our new investors will bring to the table with their experience and knowledge in building strong companies with dominant position.”
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