DURHAM- Corevist, a Durham-based company backed by Jurassic Capital, closed a $5.4 million Series B fundraising round.
Including a follow-on investment from Jurassic Capital, four other investors participated in the deal.
The company and Jurassic Capital announced the deal earlier this month in a blog post, but the funding disclosure was filed with the SEC yesterday.
Jurassic Capital made the initial investment in Corevist in 2020, Jurassic Capital partner Kevin Mosely said in an interview with WRAL TechWire.
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Change of direction
In addition to fundraising, the company has recruited a new chief executive, Andy Martin.
Martin co-founded Utopia Global in 2003. The company was acquired by Prometheus Group of Raleigh in 2020.
According to Jurassic Capital’s statement, Martin had advised Corevist “prior to this and is a natural fit as a new partner at Corevist.”
“When I look at Corevist, I see a company ready to scale,” Martin said in a statement released by the company earlier this month. “The market is crying out for our solution, and no one is solving it with an off-the-shelf product like we do.
The company’s founder, Sam Bayer, will retain a position on the board of directors, Mosely told WRAL TechWire.
And the transition was planned, since the initial investment in the company by Jurassic Capital, Mosely noted.
“That was always the plan,” Mosely said. “Over the past two years, we have contributed to the hiring of senior executives.
“Two years ago he was looking for that path,” Mosely said. “We are now very happy to continue this investment.”
According to Jurassic Capital’s statement, the Durham-based company invested $4 million in the Series B round. Other investors added $1.4 million.
“Corevist is ready to put that capital to work,” Mosely said. “They are focusing on SAP-based manufacturers, who are looking for B2B e-commerce.”
Martin noted in a statement that the Series B capital will allow the company to “rapidly increase market share and begin reaching more manufacturers than ever before.”
“Our only constraint to growth is showing up to more organizations,” Martin said. But the funding will allow the team to expand its efforts to get there, he noted.