From cash-strapped startup to a spot on the Inc. 500 list
MapAnything’s founders raised $40M+ without sacrificing significant ownership. But first, they scaled with non-dilutive financing.
Use of funds:
Expand sales and marketing
Invest in technology development
Drive new customer acquisition
Lighter Capital Funding
Raised $7.3 million Series A in 2015
Raised $33.1 million Series B in 2017
Acquired by Salesforce in 2019
Growth & Achievements
The founder challenge
Co-founders John Stewart and Ben Brantly had big dreams for MapAnything—a company high on promise but low on assets. To fulfill those dreams they needed money. They knew they could get it, but the potential price tag was huge—signing over control of their company.
“We looked into many financing sources,” Stewart says, “but never found one we liked. In order to raise $600,000 in 2012, my co-founder and I needed to give up 35%-40% of our company. Using our own capital seemed to be our only choice.”
The long-term financing solution
Before dipping into their pockets any further, Stewart and Brantly met with the CEO of Lighter Capital, to talk about revenue-based financing. Just like hundreds of other growing tech companies, they decided it was just what they needed. Stewart says, “Our company wouldn’t have existed if no one had gambled on us—and [Lighter Capital] did.”
MapAnything’s first round of funding was in December 2012. Stewart describes that initial funding as “fast and smooth.” The whole deal was completed in just three weeks. One of the things Stewart appreciated was how Lighter Capital took the time to really get to know their business, including how they worked as a Salesforce AppExchange Company.
After the first round, Light Capital provided the company with ongoing capital. “It was nice to know that every time we needed additional capital, we could return for more.” MapAnything went on to do four more rounds of funding for a total of $1.2 million, which Stewart says was even faster and smoother.
Preserving owner equity
Revenue-based financing helped take MapAnything to the next level. Their customers now include multiple Fortune 500 companies. Two years after their first financing, the company made #227 on the Inc 500 list—number 15 among software companies.
“We were on a fast-growth trajectory before,” says Stewart, “but funding from Lighter Capital has dramatically accelerated our growth.”
The five rounds of funding also helped MapAnything secure a $7.3 million Series A in December, 2015, without Stewart or Brantly sacrificing significant ownership. In February 2017, they raised a $33.1 million Series B.
Today, MapAnything is the premier mapping, geo-analytics and location intelligence solution for Salesforce users from one-man shops to the likes of Time Warner and First Data, and they’re expanding from Salesforce to ServiceNow.