PRZOOM - /newswire/ -
Grand Forks, ND, United States, 2008/07/08 - Ntractive, creator of Elements SBM™, the hybrid web application for small business management, has closed its Series A round of financing and plans to release is product in August 2008.
Ntractive, creator of Elements SBM™, the hybrid web application for small business management, announced today it has closed its Series A financing. The company raised $570,000 through regional angel investors and St. Paul-based RAIN Source Capital, an organization of pooled angel funds.
The Valley Angels Investment Fund of Grand Forks led the financing. The fund’s chairperson, Tom Kenville, commented, “As a start-up, Ntractive has been extremely well-organized. Not only have they made strides with their product, but they have created a solid business structure.”
The University of North Dakota’s student managed venture fund, Dakota Venture Group, also invested, "Ntractive is a great fit for our portfolio. As students, we are excited about the state’s economic future. Innovative companies like Ntractive are what we really need,” remarked Jordan Schuetzle, President.
RAIN Source Capital was instrumental in Ntractive’s capital raising process, from early review and feedback to inviting the company to present at the network’s annual conference in 2007. Peter Birkeland, CFO commented, “We are excited to be a part of Ntractive and look forward to helping the company achieve its milestones.”
Elements SBM™ has been in a beta test since March 2008, with dozens of companies worldwide using the software and giving feedback. Housed at the Center for Innovation, Ntractive has six employees, and plans additional hires following the release of Elements SBM™in August 2008.
Ntractive is a software company that has created a new, unique method of application development, referred to by a senior executive at Apple Inc. as “the future of software development.” Ntractive’s development environment/platform, the Hybrid Web Application, combines the best features of a desktop application with those of a web application, for unprecedented ease of use, expanded functionality, and power in an Internet-based application. The company’s first product, Elements SBM™, is a software-as-a-service offering designed to automate, organize and improve business processes for small to mid-sized companies.
© 2006-2008 Ntractive. The Ntractive logo, Elements SBM, and the Elements SBM logo are trademarks of Ntractive, LLC.