LOUISVILLE — TermScout, maker of a sales intelligence software platform, is raising money again as the company aims to expand its sales force and further scale its technology.
The downtown Louisville-based startup has so far raised $180,000 in a new funding round that could grow as large as $1.7 million, according to a recent regulatory filing. The new funding comes in the wake of a $635,000 seed round raised last year.
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Co-founder and CEO Chris Silvestri said in a phone interview Friday that the 15-person company definitely would be growing, but he couldn’t yet quantify by how many people.
Launched a year and a half ago, TermScout’s platform tracks what the company calls “actionable, timely and accurate buying signals” of businesses — things like relocations, funding events, executive changes and lease expiration dates — and feeds that information to its clients along with enhanced buyer contact information. The result is a list of targeted sales leads that helps salespeople save time on the research side of their job. TermScout’s platform gathers such data from thousands of sources, but distributes only a small percentage of relevant info to each client.
“We’re like a spam filter for getting the bad data out and getting really good lead and prospect information to our customers,” Silvestri said.
Most TermScout clients feed the TermScout leads into their already existing customer relationship management tools like Salesforce. TermScout is competing in the space with various other companies like InsideView and Hoovers, but Silvestri said his firm is differentiating itself with the information it’s delivering not only on current sales accounts but also new possibilities. TermScout’s industry niches include communications, commercial real estate, office equipment and enterprise technology.
“We help (clients) understand their current target accounts … but also, ‘What are the other accounts and opportunities that I should be going after,'” Silvestri said.
Silvestri, whose background is in sales and data, founded TermScout in 2013 with chief technology officer Brian Schwalm and vice president of data Chris Burton. Originally incubated at an office in Broomfield, TermScout moved to a space on McCaslin Boulevard in Louisville before settling into its current spot at 726 Front St.
The company doesn’t disclose revenue, but Silvestri said the figure so far has been “significant.”
“Our philosophy has always been to generate revenue and then raise efficient capital,” Silvestri said.