Servicengine Advances with $3.1 Million Injection from Advantage Capital
Deal News | Dec 11, 2024 | Advantage Capital
Advantage Capital, a noted impact investment firm, announced a $3.1 million investment in Servicengine, a SaaS company based in Danbury, Connecticut. Specializing in relocation management software, Servicengine plans to use the investment to double its workforce and enhance its platform. This is in response to increasing demand for efficient and affordable relocation solutions for management companies. Servicengine's software offers features such as expense management, tax compliance, and immigration services which are crucial for companies handling large employee relocations. Advantage Capital's investment, made through the InvestCT program, underscores the firm's commitment to supporting growth in underserved regions. The InvestCT program has been pivotal in job creation and nurturing economic activity in Connecticut. Overall, the investment solidifies Servicengine's growth path and strengthens Danbury’s economic landscape.
Sectors
- Software as a Service (SaaS)
- Impact Investment
- Relocation Management
Geography
- United States – The investment and operations described in the article take place in the United States, specifically in Connecticut.
- Connecticut – Both the investor, Advantage Capital, and the investee, Servicengine, have significant activities centred in Connecticut, with mention of the InvestCT program.
Industry
- Software as a Service (SaaS) – Servicengine is a SaaS company providing relocation management software, a primary focus of the article.
- Impact Investment – Advantage Capital is an impact investment firm making strategic investments to support underserved areas, crucially highlighted in the article.
- Relocation Management – Servicengine specializes in providing solutions for relocation logistics, which is the core industry focus of the article.
Financials
- $3.1 Million – The investment amount provided by Advantage Capital to Servicengine.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Advantage Capital | Investor | Company | A leading impact investment firm providing capital to underserved areas. |
| Servicengine | Target Company | Company | A SaaS company based in Danbury, Connecticut, specializing in relocation management software. |
| Thomas Franssen, Jr. | President | Person | President of Servicengine, providing insights on the company's growth trajectory. |
| Tim Perusek | Principal | Person | Principal at Advantage Capital, commenting on the investment's impact. |
| Connecticut Department of Economic Community Development | Government | Government | Oversees the InvestCT program, which is instrumental in funding initiatives. |