After a year of dramatic growth, EcoMap Tech has closed a Seed Series 2, with the investment targeted towards product development and customer experience
FOR IMMEDIATE RELEASE
Baltimore, MD – EcoMap Technologies, a Baltimore-based company who creates tools to help people understand and engage with ecosystems, has successfully closed a $3.5M Seed Series 2, bringing the total raised by the company to nearly $8M across 3 financings.
The round was led by Cofounders Capital and Las Olas Venture Capital, with participation from TEDCO, IDEA Fund Partners, Conscious Venture Partners, TCP Venture Capital, 2ndF, and Chris Cochrane. The new capital will be used to fuel expansion into new ecosystems, and fund the development of EcoMap’s next-generation product, EcoMap One, a fully AI-integrated version of the company’s platform.
EcoMap’s software curates detailed information about the organizations, resources, opportunities, activity, and relationships within any ecosystem, including business communities, industries, and institutional networks. This data is fed into continually-updated platforms & chatbots that allow ecosystem stakeholders to get a real-time view into what exists, who is doing what, and what is going on within the ecosystem. EcoMap’s tools are used by over 65 economic development agencies, ecosystem building organizations, universities, foundation, and other organizations including Venture for America, the Aspen Institute, T.Rowe Price, and the State of Indiana.
“We’re thrilled to have the support of both existing and new investors as we continue to experience strong demand from ecosystems across the world,” said Pava LaPere, CEO & cofounder of EcoMap Technologies. “This funding allows us to make major investments into our technology to deliver the next era of EcoMap’s products to existing and future customers.”
“Whenever we are looking at new investment opportunities we start with the team first and the value the software is creating for customers,” said Tim McLoughlin, Managing Partner of Cofounders Capital. “EcoMap’s amazing culture is built off of their exceptional founders, and every customer we spoke to felt that the product has been transformational for their organization. We are also lucky to be joining an investor group that we have a long history of working with in the past”. As part of the raise, McLoughlin will be joining the Board of Directors.
“After EcoMap’s tremendous growth in the last year, we are excited to support them in this next phase.” said Nate Vasel, Partner at Las Olas Venture Capital and a current member of EcoMap’s Board. “We are equally excited about the growth of the ecosystem market more broadly, as more organizations realize the importance of understanding and leveraging the networks they work within.”
In the past year, EcoMap has tripled the number of ecosystems they serve, opened their first headquarters in Baltimore for their team of 30, and launched a new product, the EcoBot Chatbot. The team is excited to build on that momentum and deliver ever more powerful tools to their customers with this new funding.
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