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Pitchly completes seven-figure seed investment round

August 21, 2018

Pitchly announced today that they have completed a seven-figure seed funding round.

The round was led by Next Level Ventures, with participation from M25, Great North Labs and other local investors.

“Pitchly has a unique focus to help professionals, especially in the M&A sector, to curate and market data.  Managing these various points is a big problem, and Pitchly has already won major customers all over the world because of its solutions,” said Scott Hoekman of Next Level Ventures.

Pitchly has used some of the investment to hire two new executives, Steve Will as VP of Sales and Tim Dubes as Chief Marketing Officer, and plans to make a few more hires over the next few months.

“We’re going to continue to expand our operations in Des Moines. We’re adding people to the Des Moines office in sales, marketing and engineering,” said Ryan Gerhardy, CEO and co-founder of Pitchly.

Pitchly is a web-based content service platform for merger and acquisition professionals,  allowing them to organize and activate their client experience.

Pitchly recently released version two of its Platform-as-a-Service application and has moved into new office space in downtown Des Moines.

The company declined to disclose specifics on the deal. According to public documents filed in late July, the total offering was for $10 million.

This story was updated at 11:30 a.m. Wednesday, August 22 with information from the SEC filing.

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Pitchly completes seven-figure seed investment round | Clay & Milk
A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.
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