Backbone announces closure of series A funding at USD 18 million

• Investment from the Group to reportedly bring in a New Era of Cloud Technology.
• The company has been able to gather over $23 million investment till date.

Columbia based Backbone reportedly announced that it has successfully secured an additional USD 10 million in the investment during the series A funding which was led by the Foundry Group.

As per sources, the current funding of USD 10 million along the investment procured earlier in August last year of USD 8 million has led the company to close its Series A round with a commendable USD 18 million in over 12 months. Till date, the company has generated a total of over USD 23 million.

Reportedly, during the last four months of 2018 and first half of 2019, Backbone used a segment of the investment to enhance the platform and develop growth into the consumer market. It has been claimed that the company now works with over more than 150 world leading companies.

According to the sources familiar with the matter, the company’s new cloud-based platform has been proven to be a bracing innovation for various industries to revive their digital presence.

Matthew Klein, CEO of Backbone was reportedly quoted stating that the investment was incredible and will continue to escalate the growth of the company. It has also been claimed to aid the company as it progresses towards fetching more market share globally. The investment also would allow the team to remake the products of the leading unruly brands more efficiently and faster- Matthew stated.

Jason Mendelson, co-founder of Foundry Group reportedly stated that the group has been a witness to the inefficiencies and complications the consumer brands face in selling the great products to the market and believes that Backbone along with its modern and faultless platform experience will work for the brands.

With the additional USD 10 million, Backbone is reportedly planning to meet the 3 key growth initiatives: increased staffing, delivering updated features and functionality to the platform, and plans strengthening the market presence.

Source credit: https://www.businesswire.com/news/home/20190805005109/en/Backbone-Closes-18-Million-Series-Funding-Advance