Pollenware Announces Close of $3.6 Million Round of Series-A Financing Round led by new investor Summerhill, existing shareholders and new investors Iron Mountain and Vformation.
MISSION WOODS, KS – Pollenware, a pioneer in collaborative auction theory and structure, today announced it has secured $3.6 million in Series-A financing. The new investment will be used to accelerate the Company’s growth, which includes doubling the workforce and continued investment in the Company’s patent-pending Optimized Collaborative Auction Platform (OCAP)TM. Pollenware’s Collaborative Cash Flow Optimization (C2FO)TM solution enables Global 1000 companies to greatly increase their returns on short-term investments while simultaneously addressing cash flow needs of their supply base.
“We are very pleased to welcome Summerhill, Iron Mountain and Vformation to our ownershipgroup,” said Alexander Kemper, Founder and CEO of Pollenware. “Our new investors have already proven to be great partners and we look forward to very strong relationships with them in the years to come. We are particularly pleased to have Will Kohler, Managing Partner of SummerHill, join us on the board of Pollenware. His expertise, along with the experience of SummerHill in the financial technology space, is extensive.” “Summerhill is very excited to participate in the Series A financing of Pollenware. We continue to look for innovative technologies that optimize cash management across companies’ assets. The Pollenware product is very well positioned in this regard,” said Summerhill’s Will Kohler. “The team, product and market all make this a timely opportunity. We’re thrilled to be part of this dynamic company.”
“We’re pleased to be both a customer and investor in Pollenware because we see so much potential in the company’s ability to bring new levels of transparency between trading partners that is beneficial to both buyers and suppliers,” said Mark Kidd, senior vice president of Strategy at Iron Mountain. “We also think Pollenware’s solution fits really well in bringing efficiencies to the Accounts Payable process, which is one of the document-centric processes for which Iron Mountain is developing capabilities.” Will Kessinger, Co-Founder of Vformation, said, “We are very excited to partner with Pollenware’s exceptional leadership team and by its powerful impact on a meaningful economic problem. Accounts receivable financing is the least transparent, and most untapped, inefficient, and opaque debt market in the world. Pollenware provides real capital efficiency benefits to both large and small companies in the value chain.”
Pollenware‘s Optimized Collaborative Auction Platform (OCAP)TM enables homogeneous asset, multi-party price discovery through transparency, collaboration and mutual autonomy. A pioneer in collaborative auction theory and structure, Pollenware’s patent pending negotiation technology delivers condition based multi-party and multi-winner auction events that benefit both buyers and sellers equally.
About Summerhill Venture Partners
Summerhill Venture Partners is an early stage venture capital firm focused on select areas within the wireless, digital media, and information technology sectors. We are currently managing a US$175 million fund from our offices in Boston and Toronto. Our management team has a successful track record dating back to 1993 of investing in and helping our entrepreneurs turn innovative ideas into world class companies.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) provides information management services that help organizations lower the costs, risks and inefficiencies of managing their physical and digital data. The company’s solutions enable customers to protect and better use their information – regardless of its format, location or lifecycle stage – so they can optimize their business and ensure proper recovery, compliance and discovery. Founded in 1951, Iron Mountain manages billions of information assets, including business records, electronic files, medical data, emails and more for organizations around the world. Visit www.ironmountain.com or follow the company on Twitter @IronMountainInc for more information.
Vformation LLC is a private capital firm that makes seed and expansion stage investments in health, education, and other niche areas that serve vital needs within our community. Founded in San Francisco in 2008, its mission is to partner with inspired entrepreneurs who are effecting meaningful change through disruptive, transformational, and highly impactful technologies.
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