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NAPLES — A group of Naples investors has joined a group of angel funds to provide $2 million in early stage capital for software maker LevelEleven.
Tamiami Angel Fund II says the investment is in the form of a convertible note that converts into equity once LevelEleven secures its first round of venture funding, scheduled within the next year. The fund specializes in early stage “angel” investing ahead of venture capital.
Based in Detroit, LevelEleven provides software that helps salespeople make calls, book meetings and close deals. Users of the software include Comcast, eBay and Stanley Black & Decker. The company will use the funding to expand its marketing campaign and hire five to 10 new sales and marketing employees in addition to the 26 employees it will have by the end of next month.
Other angel investors in the $2 million capital infusion for LevelEleven include Detroit Venture Partners, Salesforce.com, Mashburn Justice, the Dallas Angel Network, Hyde Park Venture Partners and Wall Street angel investor David Fry.
“After meeting LevelEleven's management team, recognizing the potential of its sales data software and interviewing several of its customers, our members agreed to invest,” says Timothy Cartwright, chairman of Tamiami Angel Fund II, in a statement. “Co-investing with the other groups in this round was icing on the cake.”
Tamiami Angel Fund II has raised $2.75 million since its inception in March and its founders plan to raise $5 million in total.
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