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Print Edition StoriesMonday, August 3, 2009
Sales lead startup NetProspex confirms $1.4M of first VC round
By Galen Moore
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NetProspex Inc. has received $1.4 million of a $2 million Series A venture capital round, officials confirmed. Investors include U.K.-based angel Richard Tahta of Episode 1 Partners, who returned after participating in previous angel rounds.
With 10 employees, NetProspex plans to use its venture funding to double its staff by the end of 2009, COO Mark Feldman said. Although the company reached profitability last quarter, its hiring plans will put it back in the red, he said. NetProspex “recycles” sales leads, by allowing access to new contacts in exchange for unused contacts, or for a fee, Feldman said. After returning from a conference, a salesperson will typically have a stack of business cards, he explained. A handful of those will turn into sales opportunities. NetProspex invites sales professionals to exchange the remainder for new leads. “We turn a useless byproduct of the sales cycle into new opportunities,” he said.
The funding represents the first venture dollars for the Waltham-based aggregator of sales leads. NetProspex was founded in 2006 by Garry Halliwell and Jeff Clewley. It had previously taken in two angel rounds, but officials declined to disclose the amount. The latest financing was made public in a regulatory filing with the Securities and Exchange Commission.
NetProspex has a business partnership with American City Business Journals, the parent company of Mass High Tech and Boston Business Journal, through which ACBJ websites provide readers access to the service’s lists of regional contacts.
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