Missoula Montana Based Submittable Raises $5M Series A
Submittable is a Missoula, Montana based startup that provides a submission platform to over 9000 companies across the globe. The company started in 2010 as a way to keep track of manuscript submissions. It then expanded it’s services, offering the platform to just about any kind of business that takes in information submitted through the internet.
Content publishers, companies holding online competitions, grants and academic programs are all taking advantage of submittable’s easy to use cloud based platform.
The company announced this week, that the had closed a $5M series A round led by True Ventures. The financing will fund aggressive sales and marketing efforts and product development including mobile and the opportunities marketplace. This investment will be the first time True Ventures has invested in a Montana-based company.
This Series A financing builds upon an exceptional year. The company grew more than 400% over a period of 3 years. With over 10,000 customers, including publishers, non-profits, and Fortune 500 organizations, and over 2 million submitters, Submittable is looking to grow its user base further by investing heavily in marketing and sales efforts. It will also convert from a closed to open system, which will allow any submitter to sign up for the platform and immediately begin utilizing the ‘Discover’ feature to find places to submit their work.
We are positioned as the matching and reviewing platform for any organization looking for work or any individual looking for opportunities in any vertical, such as a place to publish or show your work or receive funding for scholarship or research. Whether it’s a publisher looking for writing pieces or organizations looking to create a contest, we have created an ecosystem that makes it effortless for the submitter and the organization,” said Michael FitzGerald, CEO.
“We’re really excited to invest in Submittable because of its great potential as a new kind of SaaS marketplace where both businesses and users benefit across many different verticals,” said Puneet Agarwal, partner at True Ventures. “Michael and his team are facilitating the creation and acceptance of a ton of content while building a long-lasting community. All these factors combined point toward a powerful, high-growth business.”
A previous funding round was led by Next Frontier Capital, a venture firm based in Bozeman, Montana. “Next Frontier Capital is thrilled to welcome Puneet and True Ventures to the board and company. True’s history of investing in legendary teams and companies will prove invaluable to Submittable. This investment is a welcome and exciting validation of Montana’s emerging technology ecosystem,” said Will Price, founder and general partner of Next Frontier Capital.
You can check out Submittable, here.