Nebraska Global, the Lincoln based software investment fund, announced that Beehive Industries has closed on a $2.5 million Series A financing led by Advantage Capital Partners, a growth capital and small business finance firm.
Beehive provides assets and infrastructure management software for state and local government, utilities, construction, telecommunications and other asset intensive industries.
Earlier this year, Tom Chapman, the vice president of business development at Nebraska Global and a University of Nebraska graduate, spoke with Nebraska Entrepreneurship about Beehive’s growth since its launch by Bill Sheldon in 2011.
Chapman referenced “the Earl problem,” to explain what Beehive does in simpler terms. Earl is the fictionalized character who has a wealth of knowledge about how to manage complex infrastructure systems. The problem, is that Earl is in his 60s and is on the verge of retirement, so how will all of the information stored in Earl’s head be documented for the person who takes his position? That’s where Beehive comes into the picture.
“(Beehive) helps them be smarter instead of doing everything with a pencil and paper,” Chapman said.
This round of capital is earmarked to expand sales and marketing growth throughout the United States. The positive response to Beehive’s solutions has created the need to expand its team and operations throughout the country, and the company is looking to add 20-30 jobs.
“Beehive embodies the Nebraska Global model,” said Patrick Smith, principal and co-founder of Nebraska Global, and advisor to Beehive. “We assembled a team around a passionate founder with an idea and domain expertise, provided the initial funding, product development and support, and grew revenue into the seven figures to get it positioned for scaled expansion and a Series A round. We now welcome Advantage Capital to the team.”
Chapman said he’s been impressed with the personal and professional growth he’s seen in the Beehive team since they came to Nebraska Global, and he’s looking forward to what’s next for Beehive.
“Sometimes people miss us because we have an unsexy job, but what I would say is that there are a lot of unsexy things that make a lot of money and we shouldn’t forget that in Nebraska,” Chapman said. “We do hardwork and get our hands dirty.”
About Nebraska Global
Nebraska Global Investment Company is a $37 million investment fund focused on building and growing software companies in the State of Nebraska. It is headquartered in the Historic Haymarket in Lincoln, where it has anchored a growing technology ecosystem since the company’s inception in 2010.
About Beehive Industries
Beehive Industries is an asset and infrastructure management software company with its headquarters in the Historic Haymarket in Lincoln and additional offices in the Midwest.
About Advantage Capital Partners
Advantage Capital Partners is a leading growth capital and small business finance firm. The firm’s typical forms of investment include venture, expansion equity, mezzanine financing, senior and subordinated loans and government-guaranteed lending. With offices and partners in New Orleans, St. Louis, Chicago and other U.S. cities, Advantage Capital has invested more than $1.8 billion since 1992. The firm invests in businesses in a wide range of industries located throughout the U.S.