Thursday August 1, 2013 0 commentsDENVER - Digabit Inc. announced it has completed a $3 million Series A preferred equity financing round led by Flywheel Ventures with participation from High Country Ventures and several angel investors.
The capital will be used to accelerate product development and revenue growth, Digabit said.
Digabit is a SaaS provider of Documoto, a web library for technical documentation - including electronic parts catalogs - and a suite of supporting products.
In conjunction with the investment, Trevor Loy, a general partner with Flywheel Ventures, has joined the company's board of directors as chairman.
"Trevor brings a wealth of experience to advising Software-as-a-Service companies like Digabit and helping them achieve rapid growth through the delivery of compelling products that solve critical customer needs," said Alan Sage, Digabit's co-founder and CEO.
"Flywheel looks for companies offering compelling products that solve critical problems for global industries," said Loy. "We believe that Digibit's Documoto solution, a next-generation web library and parts ordering application, has reached an inflection point in defining an entirely new product category with a solution now mature enough for mainstream customers."
For more information, visit www.digabit.com.