TechStars team raises $5 million

BROOMFIELD – SendGrid Inc., a 2009 TechStars team, closed a $5 million series A round of financing led by Boulder-based Foundry Group LLC.

SendGrid, a Broomfield-based company that helps clients deliver commonly rejected e-mails, closed the round Tuesday, said Isaac Saldana, the company’s co-founder and chief executive officer.

The company is currently profitable, but Saldana said SendGrid raised the round primarily to gain strategic advisors, like the Foundry Group, that can help the company grow.

Saldana said he plans to hire about 20 people by the end of the year bringing his staff to about 30. He’s looking to hire primarily software engineers in addition to sales, marketing and business development staff.

To accommodate the growth, he said he’s also looking to move the company from Broomfield to a new office in Boulder, though he hasn’t found suitable space yet.

SendGrid, which is also looking to partner with hosting or e-mail marketing companies, has more than 4,000 companies using its e-mail deliverability service, Saldana said.

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