FreePoint Doubles Down On Industrial IoT Growth In Manufacturing
January 9, 2019
By: Dennis Ensing
Recently, one of our members' portfolio investments, Freepoint Technologies, was in the news announcing their acquisition of local software developer CoreSolutions. I tapped Freepoint's CEO and SWO Angels member Paul Hogendoorn and asked him about what threads in the transaction tie back to SWO Angels. Interestingly, CoreSolutions' Director of Sales, Al Mackinnon, is also a SWO Angels member.
Prior to 2018, Freepoint's funding history includes 3 angel rounds, participated in by SWO Angels members. Paul says that these were critical to laying the foundation for a more substantive financing he did in 2018. Use of proceeds from this financing seeded a substantial uptake in interest and growth in revenue. Paul reported that they doubled average monthly sales in the fourth quarter over any previous quarter. With the CoreSolutions acquisition and a related financing being closed concurrently the team is very well-positioned to convert the pipeline and greatly expand the install base.
We are thrilled to see both of these ventures take big steps forward - developments like this are an important catalyst to drive more local investment.