Map ROI lands $2.6 million in financing
- By Roseanne Gerin
- May 18, 2004
Map ROI Systems Inc. received $2.6 million of equity financing, marking its first round of venture capital investment, the company said today.
The Sterling, Va., IT startup will use the funds to boost sales and marketing and enhance its operations related to its G-Force technology, a Web-based solution it launched last October to help companies identify and compete for federal, state and local and international government contracts.
The system is the company's main product and was designed "to reduce the pain involved in the [government contract] process and to create efficiencies," said Christopher Stahl, Map ROI's co-founder, president and chief executive officer.
Novak Biddle Venture Partners, a Bethesda, Md., venture capital firm for IT companies in the mid-Atlantic region, led the financing round.
Map ROI's customers include Dimensions International Inc., an international IT company in Alexandria, Va.; Corvis Government Solutions Inc., a Columbia, Md., provider of optical networking solutions to the federal market; and Chenega Technology Services Corp., an Alexandria provider of IT support systems to the government.
Map ROI, which stands for "Map your return on investment," employs 35 workers.