A first close of $750,000 was initiated by ISO Group on its fundraising effort started last month. 77% of the $971,000 non-brokered debt offering was placed with six investors. The offering will remain open for a year during which the company may raise an additional $221,000. The company previously closed six private placements which raised an estimated $18 million.
The company provides sustainment support, repair and replacement parts, and logistics services to the US Department of Defense, prime contractors, and international customers. ISO Group leverages its proprietary database of over 120 million parts to provide support to a wide range of military platform variants, from those recently fielded to those legacy platforms often found outside of the US.
The company, headquartered in Palm Bay FL, is led by Kevin T. Lowdermilk (CEO). ISO Group Inc elected not to disclose its revenues. The board of directors includes Randall E. Poliner, Donald B. Hebb, Alex Techoueyres, Mark Newman and Dov Zakheim.
Status: First close
Company: ISO Group Inc
Industry: Other Technology
Amount offered: $971,000
Amount placed: $750,000
Venn Corp. successfully placed 67% of its non-brokered equity placement with two investors raising a total of $400,000. This is the first known US private placement initiated by the company.
Venn Corp. is a third party project logistics provider for the construction industry. The company has developed proprietary transport, project and inventory management systems and a geographically diverse warehouse network to ensure materials and FF&E (furniture, fixtures and equipment) are delivered at the job site when required.
The company, located in McLean VA, was founded in June 2012 following its spin-off from Traffic Tech, Inc. Michael Scotch leads the company as CEO.