An Idaho-based technology company has announced a new round of funding, thanks to a handful of new venture capitalists.
The American Chronicle reports that CradlePoint Technology recently revealed that it received $7.5 million in venture capital thanks to VP firms including Venture Partners and Highway 12 Ventures. The funding represents the first round of Series B funding for the company, which hopes to increase the pace of growth for the firm.
“When you’re small, in the worst economic times ever, you’ve got to be profitable and grow and make money to survive,” he said.”When you get to this point, it’s always about driving revenue,” Sewall said. “That’s what you use the capital for, to push growth and innovation.”
The firm said that it would use part of the money to hire 27 more employees at its Boise office, and will likely have to move to a larger building as a result.
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