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On The Spot Systems Secures $750,000 in Seed FundingReal-Time Mobile Survey Provider Will Use Proceeds to Fund Next Stage of Growth (January 17, 2012)
NEWTON, MA -- (Marketwire) -- 01/17/12 -- On The Spot Systems®, a real-time mobile survey provider, today announced that it has closed a round of seed investment funding for $750,000 shared by Kepha Partners, a Waltham venture capital firm, Angel Street Capital of Providence, and Mike Sheehan, a strategic investor. The funding will enable the company to expand its market presence in food service and address emerging opportunities for mobile data collection in industries ranging from retail to healthcare and service organizations.
"This is a significant vote of confidence in our company and allows us to continue to explore the different and meaningful ways that our technology can be used," said On The Spot Systems co-founder and CEO Geoff Palmer. "The growth we've experienced demonstrates that real-time customer and employee feedback from mobile devices is valued by organizations in a wide range of industries. With this funding we can expand our scope and explore new markets that will benefit from our solutions." Palmer was also a co-founder of uLocate, a start-up that became WHERE, Inc., which was acquired last year by PayPal.
With the new capital, On The Spot Systems is looking forward to growing its team and will be investing in engineering, sales and marketing and enhancing customer support.
"On The Spot Systems has grown impressively from bootstrapped to profitable in a short period of time and we're pleased to help them get to the next level," said Eric Hjerpe, partner with Kepha Partners. "We're excited to see their success within the current business framework and believe there is much greater potential given the capabilities of their mobile data collection system and its real-time business intelligence platform."
To support their planned growth, On The Spot Systems has added Scott Savitz, founder and former CEO of footwear retailer ShoeBuy, as an advisor to their leadership team. Savitz has a long relationship with Palmer as he was one of ShoeBuy's angel investors. "I've always appreciated my angel investors," Savitz said. "Being in a position to give back and support fellow entrepreneurs through the various incarnations of companies makes the entire process more fulfilling."
To learn more information about On The Spot Systems, visit http://www.surveyonthespot.com.
About On The Spot Systems, Inc.
On The Spot Systems develops mobile systems to enable businesses to gather customer insights, service feedback, and achieve field data collection needs wherever and whenever it is required.
Its primary offering, Survey On The Spot, enables service focused organizations to capture in-the-moment customer and employee feedback cost effectively. Utilizing iPhone, iPad, iPod touch, and smartphone technology, our surveys provide on-site insights including photos and text commentary. The system also features service alerts, digital coupons and rewards, and automated data reporting via the web.
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