Tuesday, July 5, 2011

Blue Cod catches $3M in new funding

By Rodney H. Brown

Blue Cod Technologies Inc. has taken in $3 million in a new, open-ended funding round, bringing the total institutional investment in the Marlborough company to at least $11 million to date.

According to a filing with the U.S. Securities and Exchange Commission, Blue Cod raised the funds in the new round from a pair of unnamed backers, in exchange for equity, options and warrants. According to the VentureDeal database, Blue Cod’s previous backers include Edison Venture Fund and the GE Pension Plan. The company specializes in software and IT services for the property and casualty industry.

Blue Cod’s last fundraise was for $8 million in August of 2010, a Series B round. The company did not file with the SEC for a Series A round prior to that.

In March, Blue Cod named Robert Bruce president and chief operating officer, replacing Jeff Brown, who continues as Blue Cod’s chief executive officer and chairman. Bruce has served on Blue Cod Technologies’ board of directors since 2009. Prior to joining Blue Cod Technologies, Bruce was the founder and president of ClayPoint Inc., a consulting firm.