Boundless Network announced today it has raised $5 million in additional financing. The funds will enable the branded merchandise distributor to support its rapid growth and expand its technology platform.
The financing is from existing investors Austin Ventures and Silverton Partners. Boundless Network has raised a total of $13 million in funding to date.
“We are pleased to announce this investment by Silverton Partners and Austin Ventures,” said Jason Black, founder and CEO of Boundless Network. “With this new funding we will continue to expand our technology platform to better enable sales professionals within the promotional products industry to grow their business in a scalable way and help companies save money on branded merchandise.”
In just four years, Boundless Network has grown from two to more than 130 sales professionals and serves over 6,000 customers. Since the beginning of 2008, Boundless has completed 13 acquisitions and expanded from Texas to 20 regional offices, including Canada.
“Boundless Network’s rapid growth despite the recent economic conditions is validation that the promotional products industry is ready for innovation,” said Thomas Ball, partner at Austin Ventures. “This investment demonstrates our confidence that Boundless’ technology platform will enable it to rapidly scale its business.”
The financing follows on the heels of a record sales month for Boundless, as well as the announcement of several new contracts with leading brands such as Motorola (NYSE: MOT), CareFusion (NYSE: CFN), and The Canadian Cancer Society.
“Boundless Network has positioned itself to take advantage of a large, underserved market in the promotional products industry,” said Bill Wood, general partner at Silverton Partners. “We’re confident the company will leverage that momentum, along with our financial commitment, to execute its growth strategy.”