Servicengine Secures $3.1 Million Funding from Advantage Capital
Deal News | Dec 11, 2024 | Advantage Capital
Advantage Capital, a prominent impact investment firm, has invested $3.1 million in Servicengine, a SaaS company based in Danbury, Connecticut. Specializing in relocation management software, Servicengine aims to utilize the funding to double its workforce and enhance its platform, which aids relocation management companies and corporations facing global workforce challenges. Tim Perusek from Advantage Capital expressed pride in supporting Servicengine, a company driving innovation in the RMC market by offering solutions like expense management, tax compliance, vendor coordination, and immigration services. The investment is tied to the InvestCT program, which has significantly impacted job creation and economic activity in Connecticut. Advantage Capital has long been committed to empowering underserved areas with flexible financing, with over $4 billion invested in numerous companies since its inception.
Sectors
- Software as a Service (SaaS)
- Relocation Management
- Impact Investment
Geography
- United States – Both Advantage Capital and Servicengine are based in the United States, with specific operations and investment initiatives taking place in Connecticut.
- Connecticut – The investment in Servicengine is part of the InvestCT program, which aims to stimulate economic growth within the state.
Industry
- Software as a Service (SaaS) – Servicengine operates in the SaaS industry by providing relocation management solutions that assist with logistics, compliance, and vendor coordination.
- Relocation Management – This industry involves services and technologies that help companies manage employee relocation, a sector in which Servicengine specializes.
- Impact Investment – Advantage Capital focuses on impact investments, targeting underserved areas and fostering economic growth, exemplified by their investment strategy in Servicengine.
Financials
- $3.1 million – Amount invested by Advantage Capital into Servicengine.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Advantage Capital | Investor | Company | A leading impact investment firm providing capital to underserved areas and growth-ready entrepreneurs. |
| Servicengine | Target Company | Company | A software company focusing on relocation management solutions. |
| Connecticut Department of Economic Community Development | Government Entity | Government | Oversees the InvestCT program, facilitating economic growth and investment in Connecticut. |