Trinity Ventures, the new owners of once-public SciQuest, has brought in two venture capital funds as fellow investors.
Intersouth Partners in Durham and River Cities Capital Funds, which has an office in Raleigh, have taken minority positions in SciQuest, the company announced today. Specific details were not disclosed.
Trinity Ventures, which paid $25 million for SciQuest shares, remains the majority investor, according to SciQuest.
The funds that Intersouth and River Cities invested will be used to pursue growth strategies for SciQuest, which operates as an application service provider of inventory management and purchasing solutions.
“We are pleased to have Intersouth and River Cities Capital Funds as equity investors,” said Stephen Wiehe, president and CEO of SciQuest, in a statement. “They bring significant experience and resources that will allow us to aggressively pursue our reach into the supplier relationship management market.”
As part of the deal, Kip Frey of Intersouth joins SciQuest’s board of directors.
SciQuest was founded in 1995, went public in 1999, and overtime transitioned from scientific products to software.
SciQuest has good customer traction and a proven revenue model,” Frey said in a statement. “They’ve successfully transitioned to a viable software company and we’re excited to help lead them in what is sure to be another successful stage of the company’s history.”
Added Ed McCarthy of River Cities Capital Funds: “This company has all the essential elements to build value … experienced management, a proven growth record and an expanding market.”
