Total amount raised
$22 Millions
Latest funding date
07/01/2024
Location
Bolster has successfully raised $8,153,070 in a Series Unknown round on July 30, 2024, and an additional $14 million for AI-powered phishing protection. The company is backed by notable investors, including Alumni Ventures and Union Square Ventures, among others.
Keep reading to explore the intricacies of Bolster's fundraising journey and the investors backing this innovative platform.
What Is Bolster?
Bolster, founded in April 2020, is based in Indianapolis, Indiana. The company operates in the employment, human resources, and staffing agency industries. It was established by Andrea Ponchione, Cathy Hawley, Jack Sinclair, Ken Takahashi, Matt Blumberg, Nick Badgett, and Shawn Nussbaum.
With a team of 11-50 employees, Bolster helps startup CEOs scale their leadership teams and boards. The company offers a marketplace that matches startups with executives for various roles, including interim, fractional, advisory, and full-time positions. Bolster also provides mentorship and advisory services to support executives and investors.
How Much Funding Has Bolster Raised?
- Seed Round
- Amount Raised: $2.8M
- Date: August 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the platform and begin building the marketplace for on-demand executive talent.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: September 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling the platform and expanding the executive talent pool.
- Series B
- Amount Raised: $11M
- Date: January 2022
- Lead Investors: Foundry Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the marketplace and client reach, addressing the nationwide talent shortage and promoting diversity in executive teams.
- Series B
- Amount Raised: Not publicly disclosed
- Date: June 2023
- Lead Investors: Alumni Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance technology for better matching of executives with startups.
- Venture Round
- Amount Raised: $8.2M
- Date: July 2024
- Lead Investors: Alumni Ventures, Union Square Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the company's operations and expand its services.
Total Amount Raised: $22M
Current Valuation: Not publicly disclosed
Key Investors
- Foundry Group
- Details: Foundry Group is a venture capital firm that operates as a network and focuses on investing in networks. They led Bolster's Series B financing round.
- Investment Focus Areas: Networks, technology, startups
- Notable Investments: Twitter, Etsy, Kickstarter
- SVB Financial Group
- Details: SVB Financial Group is the parent company of Silicon Valley Bank, which provides various financial services. They participated in Bolster's Series B financing round.
- Investment Focus Areas: Financial services, technology, life sciences
- Notable Investments: Not publicly disclosed
- High Alpha
- Details: High Alpha is a venture studio that creates and funds startups. They are an existing investor in Bolster and have a representative on Bolster’s board.
- Investment Focus Areas: Startups, enterprise cloud companies, technology
- Notable Investments: Not publicly disclosed
- Union Square Ventures
- Details: Union Square Ventures is a venture capital firm that invests in internet services. They participated in Bolster's Series B financing round.
- Investment Focus Areas: Internet services, technology, startups
- Notable Investments: Twitter, Etsy, Kickstarter
- Costanoa Venture Capital
- Details: Costanoa Venture Capital is a venture capital firm that invests in early-stage technology companies. They participated in Bolster's Series B financing round.
- Investment Focus Areas: Early-stage technology companies, enterprise software, startups
- Notable Investments: Intacct, Demandbase
What's Next for Bolster?
Bolster stands at the cusp of significant growth, driven by the increasing demand for on-demand executive talent. With nearly 7,000 senior executives and over 1,000 founders and CEOs already on board, the company is well-positioned to capitalize on the trend of flexible work opportunities. Partnerships with over 70 professional organizations further amplify its reach, providing exclusive career-enhancing opportunities.
Future fundraising appears promising, given the successful Series B round and strong investor confidence. This financial backing will likely fuel further expansion and innovation, enabling Bolster to address the nationwide talent shortage more effectively. However, challenges such as maintaining the quality of executive matches and navigating a competitive landscape remain. Ensuring the effectiveness of its mentorship and advisory services will be crucial as Bolster scales its operations.
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