Last week, Future Simple, based in Chicago, a startup that is devoted to developing simple software for small & medium-sized businesses (SMBs), announced a $1.1 million round of funding. OCA Ventures and I2A Fund led the round, as well as angel investors.
Founded in 2009 by Uzi Shmilovici, Bart Kiszala, Pawel Niznik, Ela Madej and Agata Mazur, Future Simple has already launched small business CRM PipeJump and online quoting application QuoteBase.
Our mission is to disrupt the way small businesses work by providing them with the software they need to grow and thrive, Israeli-born CEO Shmilovici told midVentures.
If you look at how small businesses leverage software today, he continued, you'll find out they either don't or they use a bunch of disconnected, usually too expensive, applications. Not only does this cost them a lot of money, this also costs them in time - the scarcest resource for a small business owner/manager. We are creating connected applications for small businesses that leverage new technologies and have a fantastic user experience. The result: happy, productive, informed and healthy small businesses that are poised for growth.
After founding the web agency NetCraft in 2003 and selling it to one of the largest internet companies in Israel, Uzi Shmilovici came to Chicago to pursue his Masters at the University of Chicago Booth School of Business and to change the boring world of business software into more exciting and relevant business applications.
Shmilovici got in touch with midVentures about the company's plans, the steps it took to raise the $1.1 million round and why he chose to focus on small businesses.
midVentures: What are Future Simple's plans for the $1.1M?
Uzi Shmilovici: Can't say it better than the late Peter Drucker: Marketing and innovation produce results; all the rest are costs.
We see ourselves first and foremost as a product innovation company. As such, we plan to invest a significant part of the money in building additional amazing products for small businesses. We also plan to push forward our marketing efforts to reach out to more customers and get them to try and fall in love in our products.
And yes, all the rest are costs.
mV: Tell us the story of connecting with OCA Ventures and how you raised the money.
US: Future Simple was one of the winners of the New Venture Challenge at Chicago Booth last year. I met Jason Heltzer through his involvement in the competition. From all the investors I've met, Jason was the one I had the most insightful conversations with. A reason for that might be that he is a [Computer Science] undergrad and so he just gets it.
We stayed in touch over the next couple of months, and when the time came for us to raise the round, it was very natural for us to collaborate.
Then I met Kapil [Chaudhary] from I2A and had fantastic chemistry with him as well. His take on early stage startups is refreshing. Through earlier connections that I had here in Chicago, and Jason's and Kapil's support and introductions, I had the privilege of getting some phenomenal angels to be a part of this round as well.
mV: Why small businesses?
US: Simple. They are in pain. We (the founders of Future Simple) were in pain when we managed small businesses. With the advances of technology we can now offer them great and affordable online software that they can start using immediately.
There are more than 20M [small businesses] in the U.S. alone (if you count sole proprietors as well). There are many people in pain out there. We're here to provide relief.
mV: Why now?
US: Small businesses drive this economy. We should all make an effort to support them. Think about it next time you buy something.
mV: Are you hiring?
US: YES! We are looking for an awesome VP of Marketing. Someone insanely smart, hungry and ambitious, who wants to change the world. Online marketing experience is important and small business marketing experience will be a great plus.
mV: Thanks Uzi!
Future Simple has a bright future, and according to an article in ChicagoBusiness coming out tomorrow, Uzi sees that future in Chicago. He told journalist John Pletz, There was a question, ‘Do we move or do we stay?' “ he says. “The Valley is the pulse of the Internet. In our case, we had the opportunity to work with fantastic investors here, and the team wasn't an issue. So we saw no reason to move.”
Here's to more startups staying in the Midwest.
For more information on Future Simple, click here.
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