Etouches, a Ridgefield, Conn.-based provider of online event management and registration software, has raised an undisclosed amoung of first-round funding. Greycroft Partners led the deal, and was joined by Connecticut Innovations and Cava Capital.
A group of investors led by Greycroft Partners II – the firm started by Alan Patricof – has closed on an initial round of venture capital funding for etouches, an online event management and registration software company based in Ridgefield, Conn.
In addition to Greycroft, the investment group includes Connecticut Innovations, Rocky Hill, Conn., and Cava Capital, Wilton, Conn.
etouches, started 12 years ago as an independent meeting planning company, has transitioned in recent years into a Software as a Service (SaaS) company offering a suite of integrated event management and marketing tools to implement and support every phase of the event lifecycle. The product has a global reach and is available in 27 languages. The estimated market for such services among corporations, associations, agencies, educational institutions and other organizations is $3 billion.
etouches (www.etouches.com) plans to use the funds to increase and enhance product development, raise its profile and awareness, and build a larger and more sophisticated sales organization to capture a greater share of this lucrative market.
The company was founded by CEO Leonora Valvo, a life-long entrepreneur who has launched four successful companies in the travel and conference industries.
etouches and the investment group have established a board of directors consisting of: Valvo; Cava Managing Partner Geoff Schneider; Pauline Murphy, Managing Director, Investments, for Connecticut Innovations; and two independent board members – Leon Shapiro, Vice President of Strategic Initiatives at Warner Music Group; and Christa Carone, Chief Marketing Officer of Xerox Corp.
“We saw a tremendous opportunity for the growth of this market segment and felt etouches was perfectly positioned to capitalize on that growth and be a significant player,” said Patricof, Greycroft’s founder and Managing Partner. “That’s what validated our decision to make this investment.”
“We are excited to be investing in a great business alongside quality investment partners,” said Schneider of Cava Capital. “etouches continues to grow an already impressive list of customers, and the market for such online solutions is growing. The management team, the board of directors and advisors have extensive sector expertise, and we feel very confident in their ability to continue to drive growth.”
“We are excited to support such a promising Connecticut-based company,” said Murphy of Connecticut Innovations. “What drew us to etouches were Ms. Valvo’s extensive knowledge of the travel and conference industries and the company’s user-friendly, comprehensive product, which we had an opportunity to utilize this spring.”
Greycroft Partners II is a venture capital firm founded in 2006 to invest in promising digital media companies. With offices in New York and Los Angeles, it is focused on capital-efficient companies distributing their products and services through the Internet and mobile devices.
Connecticut Innovations provides strategic capital and operational insight to push the frontiers of high-tech industries in Connecticut such as energy, biotechnology, information technology, and photonics. Over the years, CI has helped over 100 emerging companies research, develop, and market new products and services.
Cava Capital is an innovative early stage venture firm dedicated to providing appropriate levels of capital and significant hands‐on guidance to entrepreneurs with pioneering ideas. Cava targets Series A and Series B rounds in Digital Media/Communications and Business Information Services companies with operations primarily in the Metro New York region.