Kaleo raises US$1.5 million

By IVCPOST Staff Reporter

Jul 03, 2013 12:15 PM EDT

Kaleo, a software application provider, announced on Wednesday that it raised US$1.5 million in its latest fundraising round. The lead investor in the funding was Greycroft Partners. Other investors in the round were Double M Partners and Ten One Ten Ventures.

As part of the investment, Mark Mullen will join Kaleo's board of directors. Kaleo also hired William J. O'Brien as its new chief revenue officer.

Previously, Kaleo received US$500,000 from Idealab, a Pasadena, California based investment firm.

"There is time and investment required to train employees on any enterprise software tool. At times the cost of on-boarding will even outweigh the productivity gains from the software," announced Ian Sigalow, partner and co-founder of Greycroft Partners. He continued to say that the company will utilize a new strategy in training and managament of information that will allows its clients to get expert advise much more efficiently.

Kaleo's roster of clients include Dell and Ventura Foods.

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