Online Permitting Firm Nets More Funding

Online Permitting Firm Nets More Funding

NetClerk Inc. of South San Francisco has secured $6.5 million in additional capital from a consortium of investors.

The investment firms participating in the second round of funding are Sextant Group Inc. of New York, Granite Ventures Inc. of San Francisco and Adobe Ventures Inc. of San Jose, Calif., said NetClerk officials Jan. 19.

NetClerk core application, PermitCentral, is used by 400 contracting firms to obtain permits and licenses electronically in more than 1,300 cities throughout the United States.

The software is sold to contracting firms on a monthly subscription basis, said Jeff Kraatz, NetClerk's president and executive officer.

"It is especially gratifying that top funds such as Sextant, Granite and Adobe have made strong financial commitments to NetClerk given the recent market conditions," Kraatz said. "Their participation validates the fundamental strength of our business."

NetClerk will use the additional capital to remain competitive and to restructure the organization toward profitability, said Kraatz, who expects the company to achieve profitability next year.

About the Author

William Welsh is a freelance writer covering IT and defense technology.

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