MISSOULA, Mont. & MENLO PARK, Calif.–(BUSINESS WIRE)–February 15, 2018–
onXmaps, Inc., supplier of the onX HUNT cellular app and business chief in cellular mapping expertise for outside adventurers, immediately introduced it has raised $20.3 million in a funding spherical led by international progress fairness investor Summit Partners. Additional traders embody Bessemer Venture Partners, Millennium Technology Value Partners, Next Frontier Capital and Steve Burke (CEO NBCUniversal). This occasion marks the biggest progress fairness funding in a cellular and consumer-focused enterprise in Montana’s historical past.
“The onX staff is extremely captivated with empowering our prospects’ outside pursuits by offering the very best cellular expertise and most related information,” mentioned Eric Siegfried, CEO of onX. “This funding permits us to take our options and our staff to the following stage. Whether our prospects are searching large recreation, in search of the very best spot to camp, fishing new water, or strolling land possession boundaries, onX has them coated – now and sooner or later.”
The capital will probably be used to increase the groups at onX’s Missoula and Bozeman, Montana, places of work, to proceed constructing all facets of the corporate’s mapping options, and to assemble the definitive off-pavement mapping information set.
“In some ways, the onX story represents the quintessential entrepreneurial journey. Eric based onX to handle a serious hole within the outside recreation market and bootstrapped the enterprise to a formidable scale,” mentioned Greg Goldfarb, Managing Director at Summit Partners and onX board member. “onX HUNT combines the ability of the almost ubiquitous international positioning receivers that at the moment are in each sensible telephone with layers of mapping data to assist customers get essentially the most from their time within the wild. We are excited to accomplice with the onX staff for this subsequent part of progress.”
For extra perspective on Summit’s funding, go to: “Backing Bootstrapped Companies within the Mountain West – Our Investment in onX“.
OnX was based in 2009 with the promise of offering confidence to all the time ‘know the place you stand’ on the middle of its mission. This nonetheless rings true immediately as the corporate’s flagship product, onX Hunt, helps tons of of hundreds of outdoorspeople efficiently navigate public and personal lands. Fueled by a deeply held ardour for profitable outside experiences, onX now employs almost 70 folks and plans to proceed constructing its extraordinary staff.
“A progress fairness financing of this caliber, by a Montana firm, is testomony to onX’s imaginative and prescient and resolve to construct best-in-class merchandise for purchasers,” mentioned Jason Mittelstaedt, Founding Partner at Yellowstone Growth Partners and onX Board Member. “It’s been an unbelievable expertise partnering with Eric and the staff for the previous 2½ years to rework the enterprise right into a world-class cellular expertise firm. The progress of the corporate, staff, expertise and model is wonderful. And we imagine they’re simply getting began.”
onX delivers essentially the most related and wealthy geospatial information to any gadget, anyplace. The firm aggregates nationwide information on property possession, trails, permitted land use, and plenty of different parameters. World-class GPS and mapping applied sciences current personalized data to customers, tailor-made to their off-pavement actions and places. Founder and CEO Eric Siegfried initially launched onX merchandise to hunters, a extremely discerning mapping group. Since the Company’s 2009 founding, onX has used hunters’ backcountry expertise and suggestions to ship merchandise with ever wider attraction. Hundreds of hundreds of shoppers belief onX to “know the place they stand” and to open the off-pavement world to new, profitable experiences. Whether they’re discovering a brand new climbing vacation spot, a backcountry searching spot, or an undiscovered fishing gap, onX helps prospects create new outside experiences. Where the pavement ends, onX begins.
www.onXmaps.com or Instagram @onXHunt
About Summit Partners
Founded in 1984, Summit Partners is a international different funding agency that’s at the moment managing greater than $14 billion in capital devoted to progress fairness, fastened earnings and public fairness alternatives. Summit invests throughout progress sectors of the economic system and has invested in additional than 475 firms in expertise, healthcare and different progress industries. These firms have accomplished greater than 140 public fairness choices, and greater than 190 have been acquired by way of strategic mergers and gross sales. Notable expertise investments within the U.S. Mountain West area embody, Clearwater, RightNow Technology, TSheets, Nighthawk Radiology, Podium, Vivint, Progressive Finance, ProClarity, Solutionreach and Wowza Media Systems. Summit maintains places of work in North America and Europe, and invests in firms all over the world. For extra data, go to www.summitpartners.com or on Twitter at @SummitPartners.
About Yellowstone Growth Partners
Yellowstone Growth Partners works with progressive, large aspiration firms by way of board-level progress acceleration partnerships to construct disruptive, high-value expertise companies. YGP leverages its transformative Growth Acceleration Program to bridge the hole between nice concepts and merchandise, to nice companies. With deep experience throughout all C-level and Board roles for private and non-private SaaS firms, IPOs, M&A and capital sourcing, the YGP staff is uniquely geared up to assist rework early and mid-stage expertise firms into built-to-last business leaders. www.YellowstoneGrowthPartners.com
In the United States of America, Summit Partners operates as an SEC-registered funding advisor. In the United Kingdom, this doc is issued by Summit Partners LLP, a agency licensed and controlled by the Financial Conduct Authority. Summit Partners LLP is a restricted legal responsibility partnership registered in England and Wales with registered quantity OC388179 and its registered workplace is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This doc is meant solely to offer data concerning Summit Partners’ potential financing capabilities for potential portfolio firms.
Doug Stuart, 970-963-4873, ext. 201
Meg Devine, +1 617-824-1047
This article sources data from VentureBeat