Socrata launched a $35 million offering and placed 86%

socrataAccording to a document filed by Socrata with the SEC, the company launched a $35 million non-brokered equity offering. So far Socrata sold 86% or $30 million worth of new unregistered securities to ten backers. The subscription started almost two weeks ago. Based on the offering’s structure, the company has until November 2015 to raise an extra $5 million. Until this disclosure Socrata had raised an estimated $18.37 million in unregistered securities via one previous financing round.

Socrata develops and markets cloud solutions for open data and data-driven governments. The company’s solutions assist government leaders in improving transparency, modernizing citizen access to information and bringing data into every decision, all with unprecedented speed and cost savings. Delivered as turnkey services, the company’s technologies unlock data trapped in enterprise silos, mobilize and transform it into useful information that everyone can easily access, visualize, share and reuse. Investors include OpenView Venture Partners, Morgenthaler Ventures and Frazier Technology Ventures.

The company is headquartered in Seattle WA. Socrata elected to keep its revenues undisclosed.
The executive team includes Dan Wassel and Kevin Merritt.
The board of directors includes Jai Das, Robert A Runge, Scott Darling, Scott Maxwell and Susan Carstensen.

The company has raised an estimated total of $48.37 million via private unregistered security offerings.

Offering recap
Status: First close
Company: Socrata
Industry: Other Technology
Amount offered: $35 million
Amount placed: $30 million
First sale: 11-14-2014
Data as of: 11-25-2014

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