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Social Solutions Secures Additional Funding to Close Round A With a Total of $2.75 Million
Leading Provider of Performance Management Solutions for Nonprofits Will Invest in Furthering Coordinated Citywide Social Service Delivery
| Quelle: Social Solutions
BALTIMORE, MD--(Marketwire - April 17, 2008) - Social Solutions, a leading provider of
performance management technology to the nonprofit sector, announced today
that it has received additional funding from IDEA Fund Partners. With this
funding and an initial investment by WWC Capital Group, Social Solutions
closes its Round A with a total of $2.75 million.
"Our investment in Social Solutions reflects our confidence in the
company's ability to expand its customer base and further develop its
technologies and services," said John Cambier, a partner with IDEA Fund.
Social Solutions will use the investment to expand its Efforts to Outcomes
(ETO) Cities program helping social service agencies to coordinate their
efforts and optimize their performance. Social Solutions ETO Software®
provides a central platform that makes it possible to understand and manage
the performance of point of service staff, individual agencies, and the
community of services as a whole.
The first ETO City was launched in Hartford, Conn., where currently more
than 160 employees across 11 agencies share, track and analyze data
connected to strategic outcomes through ETO Software® to serve over
18,000 participants.
Following the success in Hartford as well as a recently launched ETO City
initiative in Seattle, Social Solutions plans to expand its government
sales teams to help build ETO cities nationwide. The additional investment
from IDEA Fund will support this vision.
"IDEA Fund is actively partnering with us and establishing key connections
to seed the ETO City vision in the Southeast," said Matt Schubert, CEO of
Social Solutions. "We believe this investment sends a strong signal about
our progress and potential and we look forward to building upon our
successes in developing innovative approaches that meet the needs of those
in the human service industry."
More than 2,500 nonprofit organizations currently rely on Social Solutions
ETO Software® and accompanying professional services to better measure,
plan and manage the effectiveness of their activities and ensure the
greatest impact.
About Social Solutions and ETO Software®
Social Solutions challenges and equips human service providers and their
funders to turn good intent into measurable change by relating efforts to
outcomes. The company's ETO (Efforts to Outcomes) reporting software
replaces one-size-fits-all data tracking with a reporting system tailored
to the unique mission of each nonprofit organization. ETO Software®
generates a clear and accurate measure of impact to improve service
delivery, earn more funding, and reduce the time and resources dedicated to
tracking performance.
About IDEA Fund Partners
IDEA Fund Partners provides equity financing and company building expertise
to seed and early stage IT, materials technologies, and medical device
companies. Located in North Carolina's Research Triangle Park, the firm
works with companies in North Carolina as well as the Southeast and
Mid-Atlantic regions.