In the fall of 2017, Bloomington-based tech company Cheddar announced that it raised over $1.25 million in seed funding. Cheddar is a company whose usage based API simplifies billing for software companies. Cheddar is one of the first technology companies based in Bloomington, Indiana to raise institutional venture capital from outside sources. Funding came from multiple midwestern firms. Check out the press release here.
“Cheddar was built in Bloomington because of our access to talent, low cost of doing business, and the creativity we find in the startup community,” said Mike Trotzke, CEO of Cheddar.
Watch community members, including Pat East of Hanapin Marketing and Mayor John Hamilton, celebrate this milestone and discuss what a venture capital investment like this means for Bloomington’s future, a future they agree will be led by startups like Cheddar.
So what is next for Cheddar in Indiana? And what has been happening in Bloomington as a result of this huge funding raise?
Well, Cheddar is not nearly done! This $1.25 million is only the first leg of their fundraising as Cheddar plans to begin raising more money this year. But with the money they have raised, they are going through an extensive overhaul of their brand to push and promote the uniqueness of Cheddar’s usage based billing.
In addition, Cheddar has hired five new employees with plans to hire more in the next few days. Libby Tucker was hired full time as Director of Growth, and Marc Balthazar as a full time software engineer. Erik Schwedland, a student at Indiana University will be working part time to support growth. Wes Wagner was hired part time to support growth and will be continuing with Cheddar full time upon his graduation from Indiana University. Marcela Poffald was hired full time as a customer success specialist. By hiring Erik and Wes, Cheddar is a leader in the Bloomington tech sector for encouraging the talent coming out of IU to engage with the entrepreneurial ecosystem and stay in Bloomington after graduation.
This investment from outside firms solidifies Bloomington’s place as a rising leader in tech innovation and gives our community’s technology businesses long-deserved recognition. Bloomington’s reputation for collaboration and ingenuity continues to draw investors, notably Paul Singh, an angel investor and leader of North American Tech Tour which will visit twenty-five fast-growing technology hubs across the United States.
“We had investors looking for new deal flow, community leaders wanting to see how others do it all and entrepreneurs trying to grow/give back/connect,” says Singh on his Tech Tour.
Singh invested in Cheddar, and is going to be in Bloomington April 6-7 as a stop on his tour and to attend The Combine, a three-day conference exploring the people, ideas, and environments that drive innovation. Other investors that put money into Cheddar will be attending The Combine, hoping to attract investment to Bloomington and see the other talent we have here.
Investors like Paul Singh value that start-up organizations are locally invested into broadening within their community, creating jobs and giving back to the community as they grow.
We will follow up on the events and happenings at the Combine. Who knows, maybe another local startup will announce significant funding from these investors who discover some of the fantastic startups calling Bloomington home.
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