According to a document filed by Urgent.ly with the SEC, the company launched a $525,000 non-brokered equity offering. So far Urgent.ly sold 97% or $510,000 worth of new unregistered securities to ten backers. The subscription started one month ago. This is the first time Urgent.ly is selling securities under a registration exemption. CIT GAP Funds participated to the investment according to this press release.
The company developed and markets a roadside assistance application (app) for smartphones. The app allows users to tap on their phones, see tow trucks’ availability and their locations, then select the nearest one and even pay using the app. The company leverages its platform to connect customers with tow truck drivers while both parties receive accurate and essential information about each other. The app currently covers Washington DC.
Christopher Spanos (CEO) leads the Mclean VA based company which was registered in 2013. Urgent.ly elected to keep its revenues undisclosed.
The executive team includes Luke Kathol, Ric Fleisher and Surendra Goel.
The board of directors includes Matthew Hanson.
Status: First close
Industry: Other Technology
Amount offered: $525,000
Amount placed: $510,000
First sale: 03-07-2014
Data as of: 04-17-2014