RevUp adds three companies to portfolio, seeks more from R.I.

REVUP by Betaspring recently announced the addition of three new companies to its portfolio.
REVUP by Betaspring recently announced the addition of three new companies to its portfolio.

PROVIDENCE – RevUp by Betaspring recently announced the addition of three new companies to its portfolio and is looking to add a few more before year’s end. It said it is specifically looking to recruit from the Rhode Island market.
RevUp is an investment program for burgeoning companies already generating revenue. The model was born last year out of Betaspring, a nationally recognized accelerator, which focused on growing brand-new startups.
The organization recently announced the addition of three new businesses to its growing portfolio, including RF Venue Inc., Postfly and Clarabyte. RF Venue of Ashland, Mass., designs and builds wireless audio software. Boston-based Postfly hosts an online community for anglers and sells fishing gear. Clarabyte of Pittsburgh, Penn., focuses on IT management, destroying digital data at the end of IT lifecycles and refurbishing software to maximize resale values.
“The RevUp model allows us to work with an exciting spectrum of fast-growing companies across sectors,” said Melissa Withers, managing director. “Although conversations about equity still dominate the news, there is no one-size-fits-all model for funding early-stage companies. We are thrilled to be part of a rising tide of funding alternatives and on the leading edge of bringing these new models to the market.”
RevUp is nearing the end of its investment cycle for 2016, but is trying to add two-to-three new investments to its portfolio before year’s end. The organization says it’s especially interested in Rhode Island companies, which are presently lacking from its announced portfolio. One of its companies, Easy Mortgage Apps, however, last year opened a Providence office, which employs six people. The company is based in Boston.
“I am especially interested in [Rhode Island] referrals for this round,” Withers wrote in a recent email looking for referrals. “While one of our Boston-based investments recently opened [a Providence office], that’s no substitute for finding a hometown company to directly support.”
To qualify for RevUp, companies must generate between $25,000 and $100,000 in revenue each month, have a full-time team and room to grow in their respective markets. If accepted, companies receive a non-equity investment from RevUp, including $75,000 to $150,000 in cash, professional services and support for companies to scale. Since RevUp doesn’t take any equity, portfolio companies pay back the investment as a percentage of their revenue over time.
RevUp is holding a number of upcoming screening dates in Boston, New York City, Pittsburgh and Providence. Interested companies, or those interested in referring a company, are urged to visit the RevUp website.

No posts to display