Each week, we’ll round up startup news from the UNC journalism students behind North Carolina Business News Wire. To read all of the students’ work covering public and private companies around the state, sign up for the daily newsletter.
Raleigh-based credit union service company raises $3 million
By Chris Roush
A Raleigh-based company developing software for credit unions has raised $3 million in Class A financing.
Constellation Digital Partners LLC secured the investment from Teachers Credit Union, based in South Bend, Indiana.
Constellation launched in May and is developing a software platform for digital banking for credit unions and members.
The first version is slated to launch in the fourth fiscal quarter of this year.
“We are thrilled to partner with Teachers Credit Union to bring Constellation to life,” said Constellation CEO Kristopher Kovacs in a statement. “Credit unions are under extreme pressure from both members and existing service providers as they try and build next-generation services for members.
Despite a recent boom of potential financial technology partners, credit unions have not been able to access them because of the legacy structure of credit union relationships with current digital banking providers.
Seven other credit unions with $16.3 billion in assets have invested in the platform.
The other partners include: Coastal Credit Union, CFCU Community Credit Union, Meritrust Credit Union, Farmers Insurance Federal Credit Union, Georgia’s Own Credit Union, Affinity Federal Credit Union and Nusenda Credit Union.
Before joining Constellation, Kovacs was senior vice president of operations at Coastal Federal Credit Union. He also served as vice president of e-commerce technology at Coastal Federal.
Garner-based Growers Holdings raises $1 million
By Chris Roush
A Garner-based company that helps farmers get more crops from their land has raised $1 million in a private equity offering, according to a filing Tuesday with the Securities and Exchange Commission.
Growers Holdings LLC (image above from its website) raised the money from four investors. The company last raised money in August 2015 when it raised $750,000.
The company was founded in 2011 by North Carolina State University alumnus Steven Valencsin. It collects data from farmers and then presents them with a 12-month plan for managing their land. Growers calibrates equipment, manages soil, and guides farmers through variable rate planting.
Valencsin grew up working on his family farm in Washington state. After serving in the U.S. Navy, Steven started North Carolina’s first private soil testing laboratory while an agronomy student at NC State.
Valencsin continues to refine his approach on Growers’ Research & Development Farm in Guilford County.
In addition to farms in North Carolina, The company also works with farms in South Dakota and Texas.
Companies similar to Growers Holdings, which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.
Charlotte-based Commerce Signals raises $11.8 million
By Chris Roush
A Charlotte-based company that operates a real-time exchange for transactional data has raised nearly $11.8 million in a private equity offering, according to a filing Monday with the Securities and Exchange Commission.
Commerce Signals Inc. raised the money from 22 investors, according to the filing.
It last raised money in September 2015, when it raised $2.9 million, according to this SEC filing.
The company allows businesses to optimize and monetize their data assets through a real time exchange platform that provides a marketplace for buyers and sellers based upon relevance and use. The company was founded in 2014.
In March, Commerce Signals announced a partnership with LiveRamp that enables advertisers to measure the online and in-store sales impact of their advertising across digital publishers and individual devices.
Commerce Signals’ platform allows advertisers and agencies to access aggregate transaction insights from approximately 70 percent of U.S. card-based purchases in near-real-time.
Thomas Noyes is the founder and CEO of the company. Noyes has 20 years experience in banking, payments, software development, venture finance, consumer marketing and sales.
Prior to creating Commerce Signals, Noyes held roles ranging from a NASA engineer to head of channels for Citigroup’s Global Consumer Group. At Citi, Noyes’ primary focus was driving Citi’s international growth through remote channels such as direct banking, mobile and phone.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
Chapel Hill-based Terra Dotta raises $3.3 million
By Chris Roush
A Chapel Hill-based higher education software company has raised $3.3 million in a private equity offering, according to a filing Monday with the Securities and Exchange Commission.
Terra Dotta LLC raised the money from one investor, according to the filing.
The company last raised money in December 2015, when it raised $6 million, according to this SEC filing.
More than 560 educational institutions and businesses use Terra Dotta software to manage their application process and streamline their operations.
The company, which was founded in 2001, specializes in web-based enrollment, mobility and risk management software, and databases for offices. Its clients includes University of Arizona, Cornell University and Texas Tech University.
Brandon Lee is the company’s chief executive officer and cofounder.
Lee is responsible for all aspects of managing Terra Dotta’s business. His main interest lies in shaping the usability and accessibility of the company’s software.
Lee’s first study abroad experience in Pornic, France inspired him to continue French studies. While at UNC-Chapel Hill, he led undergraduate students on a semester-long trip to France and taught courses in French language and literature as well as communication studies.
He served on several University executive boards, including one that examined the role of technology in the future of the University, and with the Carolina Computing Initiative, through which students are provided laptop computers. These experiences led him to start Terra Dotta with co-founder Garrett Christian.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
Raleigh-based Social Beverage raises $1.3 million
By Chris Roush
A Raleigh-based company has raised $1.38 million in a private equity offering, according to a filing Monday with the Securities and Exchange Commission.
Social Beverage Co. raised the money from 10 investors, according to the filing. It is seeking to raise a total of $4 million from the offering.
The company raised $400,000 from investors back in October 2016. The company announced plans in December to open a vodka distillery in Kinston.
Social Beverage was founded in 2016 by Cary Joshi, Gaurav Patel and Mark Mullins. (Read ExitEvent’s profile here.)
Joshi is president. Joshi served as president of Hunter Lane Commercial Real Estate, which provided brokerage and land development services to large companies and high net worth individuals from 2002 to 2015.
Patel is vice president of marketing. He was born in India and grew up in Morehead City, North Carolina. Patel graduated with a business degree from North Carolina State University and founded Eschelon Experiences, a Raleigh-Durham hospitality group, in 2006.
Eschelon includes five restaurants in Raleigh and one restaurant in Durham: The Haymaker and Bare Bones, located in downtown Raleigh on Fayetteville Street; Cameron Bar and Grill, located in historic Cameron Village; Edwards Mill Bar and Grill located in Olde Raleigh Village; Mura, located in the North Hills Shopping Center, and well as Basan in downtown Durham.
The third founder, Mark Mullins, has over a decade of experience in the beverage and alcohol business, but prior to that he served in the U.S. Army.
Mullins is now vice president of Southern Glazer’s Wine & Spirits, a family owned sales and distribution organization working with 14,000 employees in 35 states.
Companies similar to Social Beverage , which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.
