Tuesday, May 21, 2013

Swipely, in Providence, raises $12M Series B, West Coast Angels lead

In what CEO Angus Davis calls “the largest Series B for a software company in RI history,”  Providence, Rhode Island based Swipely has  just raised   $12M in a round  led by Shasta Ventures and partner Sean Flynn.

Swipely is a simple way for local merchants to accept payments, understand customers and grow revenue. It works with every credit and debit card customers already have, and there are no new costs and no new equipment for merchants. Founded in 2009 by Davis, the company includes veterans of Tellme, Microsoft, Netscape, and Paypal.

Despite the existence of many active, ancient, and honorable Angel Groups in New England, along with the Cherrystone Angel Group and Betaspring accelerator right in Providence, Swipely seems to have found its funding through left coast angels, angel funds, and venture capitalists.

Here are some of the investors, according to Crunchbase.
Angels, 11/09, $875k
First Round Capital
Angus Davis

Angels, 12/09,    $125k

Putting on our Angel beanies, the Editors wish to extend a welcome to any of these investors who are new to the Northeast  and convey our hopes that after cash-out, whenever that might be,  some of the proceeds will be reinvested in Rhode Island and thereabouts.

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