Western Massachusetts investor network River Valley Investors (RVI) has closed a major investment deal with Waterdog Technologies, an information technology (IT) distribution company founded by local entrepreneur Delcie Bean.
Waterdog secured more than $500,000 in funding from River Valley Investors, the Springfield Venture Fund and a selection of area business owners. Springfield Venture Fund’s involvement in the deal assures that Waterdog will maintain its headquarters in the City of Springfield. According to RVI Chairman John Goodhue, “Waterdog has seized a business opportunity that our group of local investors expects will be a win not only for Waterdog, but for Western Massachusetts as well. IT products are critically important to businesses, and in helping resellers do a better job providing and servicing the most beneficial products for their customers, Waterdog has identified a real need in the marketplace.”
Waterdog is located at 1391 Main Street downtown and is currently planning to expand within the building to make room for additional staff. The company has added eight new staff members during the last 12 months, and plans to hire up to six more during the remainder of 2015. “Waterdog is on a path reach the $10 million mark with about 30 employees within 5 years and the $100 million mark with around 50 employees within 10 years,” Bean says.
The company selects and represents best-in-class IT products for resellers to offer their business end-users. Waterdog’s business model is based on assuring that these resellers have better access to and hands-on service for these complex products than they have been able to get from traditional IT distributors.
RVI members include individual investors as well as the Springfield Venture Fund, a traditional venture capital fund created by MassMutual that invests in local startups and seeks potential ten-times returns on investments. Springfield Venture Fund invests only in companies, such as Waterdog, that are based in or agree to relocate and retain headquarters in Springfield.
Waterdog Technologies is a new breed of information technology distribution company based in Springfield, MA. River Valley Investors (RVI) is Western Massachusetts's angel investor network comprised of successful entrepreneurs and executives dedicated to helping each other find, evaluate, and profitably invest in exciting companies with significant growth potential.