uRefer to announce funding round north of $2.5M

Wednesday, May 11, 2011 | Source: Concentrate
Ann Arbor-based uRefer is set to formally announce a seed funding round this week that should reach comfortably into the seven figures and enable the company to hire a number of new people this year.

The 3-year-old firm will announce a new round of funding worth "north of $2.5 million," says Dick Beedon, founder & chief advocate for uRefer.

The company doubled its revenue in 2010 and is on course for 100-percent-plus growth in 2011. It hired two people over the last year.

"We plan to hire a good deal more later this year," Beedon says.

URefer and its staff of 15 people (it plans to add a couple of summer interns this year) specializes in referrals and helping companies maximize these referral systems. The start-up has landed a few more big customers over the last year, such as ESPN and Direct TV. Beedon says uRefer is close to landing two more Fortune 500 firms as customers this summer.

"We have a strong pipeline," Beedon says. "We just need to clear our pipeline so we can double our business. We also plan to fill the pipeline so we can do three times the amount of business in 2012."

Source: Dick Beedon, founder & chief advocate for uRefer
Writer: Jon Zemke

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