California Business Startup Obtains $29 Million In Investments
On behalf of The Law Office of Lynnette Ariathurai, A Professional Corporation posted in Business Formation & Planning on Thursday, June 27, 2013.
Beginning capital investments are important for new businesses to start operations and enter into the marketplace. The technology sector is no exception. This is why a new business startup technology company RelateIQ raised $29 million of investment capital. This is a significant advancement for the California company which was relatively unknown beforehand.
The startup company now has an estimated value of $100 million and has various notable backers and advisers. Accel Partners is one of the backers of RelateIQ and was also an early investor for Facebook, Battery Ventures and Allen & Co. The company is also receiving advice from a variety of technology business gurus in order to ensure they make the best business decisions possible.
The new business aims to tap into large sets of data collected from call logs into social media networks. The company uses this data to help workers manage their relationships. Ironically, the company's current office space is located directly underneath a retail store specializing in home décor, which was the same room that formerly housed Facebook's servers.
Usually, when a business startup is able to obtain large amounts of investment capital -- such as with this particular company from California -- the business owners and executives are able to present a solid business plan to potential investors. However, not only should a business plan show an effective strategy for earning profit, it should also ensure that the business will be conforming to all required rules and regulations. It would be a shame if a solid plan to gain profit is destroyed due to fines and civil lawsuits resulting from compliance issues.
Source: The Wall Street Journal, "Stealth Data Startup RelateIQ Raises $29 Million," Evelyn M. Rusli, June 12, 2013