Almost every product you purchase in day-to-day life has one thing in common: a paper receipt.
For flexReceipts, that's a problem. What's their solution? Going paperless.
Backed by an investment from TiE Tampa's Angel Network in late March 2014, the startup company is poised to enter the national market with a tech-savvy answer to traditional paper receipts.
Customizable digital receipts tie in modern tech trends such as recommendations from retailers, social media, tailored special offers and more. flexReceipts intends to simultaneously solve a pain point for consumers and provide an enhanced marketing platform for businesses.
"flexReceipts has great growth potential,'' says
TiE Tampa Charter Member Ashok Kartham. "I think it can be a success story that the area needs, to showcase tech startups from the Florida region.''
Tomas Diaz, flexReceipts founder and CEO, was a sales executive at Whirlpool for more than a decade before developing the startup company in 2011. Diaz and other management team members "bring deep retail experience'' to the startup, says Kartham.
flexReceipts has received several previous rounds of funding, including an investment by The Florida Technology Seed Capital Fund, LLC (FTSCF), a subsidiary of the Institute for Commercialization of Public Research, in March 2014, and an investment from Winter Park venture fund and business accelerator venVelo in August 2012. The company is also active on
AngelList.
Four investors from the TiE Tampa Angel Network -- Kartham, Prashanth Rajendran, Seema Jain and Dr. Rajan Naik -- invested in the Orlando-based startup. The company, which has already partnered with some major retailers, plans to bring new technology jobs to Florida over the next few years.
TiE Tampa's goal is to expand angel investors beyond charter members and commit $1 million in angel capital in 2014. To this end, Rajendran is assembling a structured, experienced team and due diligence processes as part of an Angel Forum initiative to help lower the risk associated with angel investment and enable more syndicated deals, Kartham says.
"TiE is uniquely positioned to make a difference to the growing startup ecosystem in the Tampa Bay area and Florida,'' Kartham says. "We hope to invest in innovative startups in Tampa in coming months.''
This is the second angel investment out of TiE Tampa. The first was awarded to
mobile conference app Feathr, which "has made significant progress and grown revenues since receiving TiE angel funding more than a year ago,'' Kartham says.
Writer:
Justine Benstead
Source: Ashok Kartham, TiE Tampa
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