Technical Communities Inc., a service provider for technical organizations that sell to US government agencies and prime federal contractors, has completed a Series D Convertible Preferred financing.
While specific terms were not disclosed, the privately held company announced the financing included participation by all previous leading venture investors including Crosspoint Venture Partners, Netmarket Partners, New Enterprise Associates (NEA) and Technology Crossover Ventures (TCV). Technical Communities plans to use the funds to expand its offer to additional markets and for potential acquisitions.
"This investment provides the company with the financial flexibility to further accelerate its impressive growth and expand its ability to serve technology companies that want to increase their US government sales," said Mark Perry, general partner at NEA and a member of Technical Communities' board of directors.
"In the last five years, we’ve proven that we can increase our customers government sales while significantly decreasing the costs and liabilities associated with doing business with the government sector," said Peter Ostrow, president and CEO of Technical Communities. "We’ve been profitable for the last two years and have quadrupled our customer base since 2001. These funds will increase the scope of services we provide our existing customers and provide attractive options to a wider variety of new manufacturers."
Effective with this financing, Technical Communities also announced the hiring of Alfredo Perez as vice president-business development and the launch of the company’s Washington, DC practice. Perez will manage the DC office and focus on local technology companies helping to increase their government sales and reduce selling expenses by leveraging Technical Communities' proprietary technology, deep government contracting expertise, extensive automated sales support tools and highly targeted marketing services.
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