Amplifinity closes on $1.5 million worth of venture capital

Amplifinity has just locked down another $1.5 million in venture capital, bringing the total seed capital raised by the Ann Arbor-based firm since its founding in 2008 to just under $6 million.

The Internet referral start-up raised $2 million out of the gate four years ago. It locked down another $2 million last fall in a Series A fundraising round. The more recent $1.5 million in venture capital will go with last year's Series A raise -- and the company might not be done raising money yet.

"We anticipate there will be (more money raised in the Series A this year). We do hope to have some additional participation," says Eric Jacobson, president of Amplifinity. "We also plan to do a Series B round late next year."

Amplifinity helps companies maximize their referral systems. The company, formerly uRefer, rebranded late last year. Amplifinity's software allows people to upload video testimonials and other similar services where companies can capitalize on Internet advocacy through channels like social media. The new venture capital will allow Amplifinity to create new features for its advocacy management platform.

Amplifinity has also been expanding its staff, hiring four people. The downtown Ann Arbor-based company now employs 15 people and an intern and is looking to hire two software developers now. The company has also signed five big brand customers over the last year, which Jacobson declined to name but was happy to describe.

"They include a major global electronics manufacturer, a large U.S. cellular phone company, and a large provider of payroll and business services," Jacobson says. "They are major brand names."

Source: Eric Jacobson, president of Amplifinity
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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