Financing led by Connecticut Innovations
SHELTON, CT, August 7, 2013 -- Logicbroker Inc., the provider of the cloud-based integration hub, logicbroker®, announced today that it has closed its Series A financing in the amount of $1.6 million. Connecticut Innovations (CI), the state’s quasi-public authority responsible for growing Connecticut businesses through innovative financing and strategic assistance, has made an investment through its Eli Whitney Fund as part of the Series A funding round that also included existing investors as well as new individual investors. The money will be used to further fast-track the company’s already impressive growth.
Logicbroker’s comprehensive eCommerce software-as-a-service platform enables mid-sized retailers, etailers and suppliers to process orders faster and more efficiently, at an affordable cost. The platform’s capabilities span product cataloging, customer ordering, order fulfillment, returns, vendor sourcing and data analytics. It enables customers to quickly and seamlessly integrate with hundreds of electronic data interchange (EDI) trading partners, allowing them to buy or sell anywhere, fill orders anywhere and ship anywhere.
“Closing our Series A funding enables us to invest in resources to continue delivering superior services to our new and existing customers,” said Peyman Zamani, CEO at Logicbroker. “We are committed to creating technology jobs and strengthening our roots in Connecticut.”
Logicbroker has accelerated growing its customer base by leveraging several strategic partnerships, including ones with Microsoft, Magento and other companies that have developed best-in-class platforms. These strategic partners will help drive innovation in the ecommerce ecosystem. Logicbroker also collaborates with over 500 trading partners including Best Buy, Radio Shack, Sears and Amazon.
“We are excited to invest in Logicbroker and its innovative eCommerce platform,” said Peter Longo, executive vice president and chief investment officer of CI. “The impressive list of Logicbroker’s existing customers and strategic partners, as well as the strength of the management team, were important factors in our investment decision. We believe Logicbroker is off to a great start and cannot wait to see how the product will further impact the eCommerce ecosystem.”
Logicbroker is led by an experienced team that includes Peyman Zamani, who has held executive positions at and delivered information technology solutions to small businesses and Fortune 500 companies such as Office Depot, Pitney Bowes and U.S. Web; Warren Reimer, chief technology officer, who has held key technology roles at companies such as Office Depot, General Electric and Keane; and Karim Hadchiti, who has over 20 years of experience implementing ecommerce and technology solutions at companies such as Office Depot, where he was vice president of global ecommerce.
About Logicbroker Inc.: Logicbroker Inc. delivers logicbroker®, the most complete eCommerce platform available. logicbroker® is a cloud-based integration hub that connects the fragmented systems your business relies on and automates the exchange of everything from inventory and purchase orders, to tracking information and invoices. With logicbroker®, you can reduce your cost per transaction and effortlessly exchange procurement information electronically with your website, ERP, suppliers, and EDI trading partners. For more information, visit www.logicbroker.com.
About Connecticut Innovations Inc.: Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut's innovative, growing companies. To maximize each business’s growth potential, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. Through all these initiatives, CI has helped bring $4 billion in financing to Connecticut companies. The state’s most active early-stage investor, CI has created more than 26,000 jobs. For more information on CI, please visit www.ctinnovations.com.