Boundless Network Secures $5 Million to Expand Technology Platform
Austin, Texas-based Boundless Network announced raised $5 million in additional financing. The funds will enable the branded merchandise distributor to support its rapid growth and expand its technology platform.
The financing is from existing investors Austin Ventures and Silverton Partners. Boundless Network has raised a total of $13 million in funding to date.
“We are pleased to announce this investment by Silverton Partners and Austin Ventures,” said Jason Black, founder and CEO of Boundless Network. “With this new funding we will continue to expand our technology platform to better enable sales professionals within the promotional products industry to grow their business in a scalable way and help companies save money on branded merchandise.”
In four years, Boundless Network has grown from two to more than 130 sales professionals and serves more than 6,000 customers. Since the beginning of 2008, Boundless Network has completed 13 acquisitions and expanded from Texas to 20 regional offices, including Canada.
“Boundless Network’s rapid growth despite the recent economic conditions is validation that the promotional products industry is ready for innovation,” said Thomas Ball, partner at Austin Ventures. “This investment demonstrates our confidence that Boundless’ technology platform will enable it to rapidly scale its business.”
The financing follows on the heels of a record sales month for Boundless, as well as the announcement of several new contracts with leading brands such as Motorola, CareFusion, and The Canadian Cancer Society.
“Boundless Network has positioned itself to take advantage of a large, underserved market in the promotional products industry,” said Bill Wood, general partner at Silverton Partners. “We’re confident the company will leverage that momentum, along with our financial commitment, to execute its growth strategy.”
About Boundless Network
Venture-backed Boundless Network is transforming the $20 billion promotional products industry through a highly trained, professional sales organization and proprietary technology that empowers companies to proactively manage their promotional spend. The company’s patent-pending technology platform connects buyers across organizations to create efficiencies of scale and reduce the cost of branded merchandise by as much as 40 percent. Headquartered in Austin, Texas, Boundless Network is one of the fastest growing companies in the promotional products industry.
For more information on the Boundless Network, visit www.boundlessnetwork.com.
About Austin Ventures
Austin Ventures (AV) has worked with talented entrepreneurs to build valuable companies for nearly 25 years. With $3.9 billion under management, AV is the most active venture capital and growth equity firm in Texas and one of the most established in the nation. With an investment focus on business services and supply chain, financial services, media and information services, software and Internet, and Texas special situations, AV invests at all stages of company development, from $100,000 in “planned experiments” in early stage ideas to $100+ million investments in expansion rounds, minority recapitalizations, and buyouts of lower middle market growth companies. AV’s strategy is to partner with talented executives and entrepreneurs through its CEO-in-Residence and Entrepreneur-in-Residence programs
For more information on Austin Ventures, visit www.austinventures.com.