DURHAM – Corevist, a Durham-based company backed by Jurassic Capital, has closed a $5.4 million Series B fundraising round.

Including a follow-on investment from Jurassic Capital, four other investors participated in the deal.

The company and Jurassic Capital announced the deal earlier this month in a blog post, but the funding disclosure was filed with the SEC yesterday.

Jurassic Capital made the initial investment in Corevist in 2020, said Kevin Mosely, a partner in Jurassic Capital, in an interview with WRAL TechWire.

Roar! Raleigh software firm Corevist raises $2.8M from Jurassic Capital

Leadership change

In addition to the fundraising, the company has brought on a new chief executive, Andy Martin.

Martin co-founded Utopia Global in 2003.  The firm was acquired by Raleigh’s Prometheus Group in 2020.

According to Jurassic Capital’s statement, Martin had been advising Corevist “leading up to this and is a natural fit as our new partner at Corevist.”

“When I look at Corevist, I see a company that’s ready to scale,” Martin said in a statement released by the company earlier this month.  “The market is begging for our solution, and no one solves it with an out-of-the-box product as we do.

The company’s founder, Sam Bayer, will retain a board position, Mosely told WRAL TechWire.

And the transition was a planned one, since the initial investment in the company by Jurassic Capital, Mosely noted.

“Was always the plan,” said Mosely.  “Over the last two years, we’ve helped put in senior leaders.”

“Two years ago, he was looking for that path,” said Mosely.  “We’re very excited now to continue that investment.”

According to Jurassic Capital’s statement, the Durham-based firm invested $4 million in the Series B round.  Other investors added $1.4 million.

“Corevist is ready to put this capital to work,” said Mosely.  “They focus on SAP-based manufacturers, who are looking for B2B e-commerce.”

Martin noted in a statement that the Series B capital will equip the company “to increase market share fast and start impacting more manufacturers than ever before.”

“Our only constraint to growth is getting in front of more organizations,” Martin said.  But the funding will allow the team to expand efforts to do just that, he noted.