Glendale-based insurance startup Tech Canary Corp. is raising $500,000, according to a document filed with the SEC on Monday.
The funds will be used to support cash flow as the company quickly grows. It currently has 16 employees, with plans to hire about 30 more this year, said Reid Holzworth, founder and chief executive officer of the firm.
“We’re a growing company, obviously, and really it’s to bring on a few more employees,” Holzworth said. “We’re releasing and building a new product, so we wanted to have a little bit of dry powder to push through to the next level.”
Holzworth, who previously owned an insurance agency, founded Tech Canary in 2013. Unhappy with existing insurance agency management and business automation tools, Holzworth built his own for the agency. After a couple years of using it on the Salesforce.com platform, the company approached him about releasing the product to the wider marketplace. Read the full story here.