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LINCOLN, Neb., September, 6 2022 - The Community Development Venture Capital Alliance (CDVCA), in partnership with Advantage Capital, announced today a $2.1 million investment in Beehive Industries to help accelerate the company’s go-to-market strategy for its cloud-based integrated software systems.
Beehive Industries services clients across the US at the state, county and local levels. The company believes opportunities from the Infrastructure and Jobs Act will serve as a tailwind for generating more contracts with municipal and private partners who manage water resources, sewer, and broadband infrastructure.
“We are appreciative of this latest venture-backed support to accelerate Beehive’s go-to-market strategy for our cloud-based integrated software systems,” said Beehive Industries CEO Mac Rodgers. “Our strong SaaS offering provides the public and private sector with a highly efficient and cost-effective software alternative for managing assets.”
By integrating geographic information systems (GIS) with client-specific infrastructure and asset
information, Beehive helps its users identify the work required to keep their infrastructure operating efficiently with a focus on preventative maintenance. Using Beehive’s device agnostic computerized maintenance management system (CMMS) allows for the assignment, tracking and reporting on projects quickly and inexpensively.
The financing was made in connection with both the federal and Nebraska New Markets Tax Credit Program (NMTC). These programs have worked to attract and encourage investment in Nebraska’s low-income communities. By encouraging private investment, the program helps fill the financing gap that exists for many businesses in low-income areas¬—helping catalyze job growth and economic development in the places that need it most.
“I am pleased to see these programs doing exactly what they are intended to do—providing private investment capital to businesses in distressed areas across the state,” Senator Eliot Bostar. “We must continue to drive capital to those companies that can maintain quality jobs that will enhance the quality of life for Nebraskans.”
As major investors in the company, both CDVCA and Advantage Capital have supported Beehive through multiple rounds to support its mission to provide people with simple, powerful and flexible digital solutions.
“We are pleased to continue supporting this innovative company with growth capital,” said Kerwin Tesdell, President of CDVCA. “Beehive is a fantastic example of a company that is modernizing systems to help citizens better connect with government agencies. With this latest round, we are excited to see what will come next in its growth trajectory.”
In 2014, Advantage Capital led a $2.5 million Series A round in Beehive Industries. In 2018, both CDVCA and Advantage Capital supported the company in a Series B round by investing $1.5 million, and later a 2020 convertible note that led to this latest round. To date, Beehive Industries has secured $12.3 million in total venture funding.
“While the Covid-19 pandemic delayed Beehive’s opportunity to perform on-premise demos and transition potential clients to cloud-based asset and infrastructure management, we are excited by the momentum they have generated this year in bringing their software to the municipal government marketplace,” said Josh Rogers, Senior Vice President at Advantage Capital. “Their software provides a fantastic opportunity for utilities and other municipal entities to streamline their billing and other asset management capabilities.”
About Advantage Capital
Advantage Capital provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $3.8 billion in companies from a diverse array of industry sectors and has helped support more than 66,000 jobs. Learn more at www.advantagecap.com, or via Twitter or LinkedIn.
About CDVCA
The Community Development Venture Capital Alliance (CDVCA) is the network for the field of community development venture capital (CDVC) investing. CDVC funds provide equity capital to businesses in underinvested markets, seeking market-rate financial returns, as well as the creation of good jobs, wealth, and entrepreneurial capacity.
About Beehive Industries
Beehive Industries, LLC provides software via a SaaS model for Asset Management, CMMS, and Utility Billing to public entities at the local, county and state level as well as private and semi-private entities. The company was founded in 2011 and is located in Lincoln, NE. With clients across the US, Beehive’s software is tailored for ease of deployment and user adoption. Learn more at: www.beehiveindustries.com.
Contact
Advantage Capital
Joe Stosberg, Communications Manager
jstosberg@advantagecap.com
Recent Press
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Advantage Capital Napa, CA Office Statement
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Advantage Capital Agribusiness Partners Makes Follow-on Investment in American Botanicals
Advantage Capital Agribusiness Partners Leads $10 Million Investment in Hortau
Advantage Capital Agribusiness Partners, LP (ACAP) has announced its second investment in Hortau, a leader in irrigation management systems. The investment was part of a $10 million financing round led by ACAP and joined by BDC Capital, Inc., Avrio Ventures LP II and Capital régional et coopératif Desjardins.
Advantage Capital Agribusiness Partners Leads $10 Million Investment in Hortau
Advantage Capital Partners Provides Additional Capital to Innovations of the Year Awardee
Advantage Capital Partners has announced an additional investment in GENICON, a designer, manufacturer and global distributor of laparoscopic surgery products. GENICON recently received the Society of Laparoendoscopic Surgeons’ 2015 Innovations of the Year recognition for GENICON’s GENIStrong Specimen Retrieval Bag.
Advantage Capital Partners Provides Additional Capital to Innovations of the Year Awardee
Advantage Capital Partners Announces Investment in Rural Utah Manufacturer
Advantage Capital Partners has announced an investment utilizing the Utah New Markets Jobs Act in ACT Aerospace, a manufacturer specializing in composite design, analysis and production for the military and commercial aerospace industries.
Advantage Capital Partners Announces Investment in Rural Utah Manufacturer
Advantage Capital Agribusiness Partners Invests in Organic Herb Grower Shenandoah Growers
Advantage Capital Agribusiness Partners, LP (ACAP) has announced an investment in Shenandoah Growers, one of the nation’s top suppliers of certified organic herbs specializing in serving retail grocers. Located in Harrisonburg, Va., Shenandoah Growers produces and sells both live potted herbs and fresh cut herbs to many of the leading food retailers in the U.S. ACAP invested in Shenandoah alongside food and agriculture equity groups Middleland Capital and S2G Ventures.
Advantage Capital Agribusiness Partners Invests in Organic Herb Grower Shenandoah Growers
Advantage Capital Agribusiness Partners Invests in Pacific Ag
Advantage Capital Agribusiness Partners, LP (ACAP) has announced a $7 million investment in Pacific Ag, the nation’s leader in large-scale agricultural feedstock supply chain solutions. Pacific Ag harvests and markets hay crops, grass, wheat, corn and other crop residues for hundreds of U.S. growers, which are sold into various end markets, both domestic and export.
Advantage Capital Agribusiness Partners Invests in Pacific Ag
Advantage Capital Agribusiness Partners Announces $5 Million Investment in Hortau Corp.
Advantage Capital Agribusiness Partners, LP (ACAP) has announced a $5 million investment in Hortau Corp., a California-based leader in irrigation management systems. Founded in 2002 and based in San Luis Obispo, Calif., Hortau is a designer and manufacturer of technology-enabled soil monitoring and irrigation management systems for agricultural applications.
Advantage Capital Agribusiness Partners Announces $5 Million Investment in Hortau Corp.
Advantage Capital Partners Announces Investment in Central Florida Medical Device Manufacturer
Advantage Capital Partners has announced an investment in GENICON, a designer, manufacturer and global distributor of over 200 products in the laparoscopic surgery market. GENICON, headquartered in Winter Park, Fla., offers innovative products across the U.S. and to over 60 international markets.
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