Friday, February 20, 2009

bizjournals: Social Solutions lands $6M venture capital round

"Social Solutions has landed a $6.5 million second round of venture capital.

It brings total investment in the Baltimore technology company, which sells software that helps nonprofits and social service agencies track their effectiveness, to about $9 million.

Charlotte, N.C.-based Frontier Capital was the lead investor. Existing investors WWC Capital Group, based in Virginia, andIDEA Fund Partners, based in North Carolina, also contributed.

The company will use the investment to expand sales and marketing of its software and also make improvements to it.

“With this funding from Frontier Capital, we will be able to accelerate the development of our innovative solutions, build out service delivery and increase the number of human services organizations that are maximizing the outcome of their efforts,” CEO Matt Schubert said in a statement.

Social Solutions is Baltimore’s 19th fastest-growing private company, according to Baltimore Business Journal research. The firm took in $5.2 million in revenue in 2007, up from $3.6 million in 2006."

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