Milwaukee software consulting firm Penrod Inc. has raised $8 million from Salesforce Ventures and “a Milwaukee family office,” according to a Thursday announcement.
The move is a departure for Penrod, which was founded in 2011 and hasn’t previously raised equity capital, Penrod CEO Chris Widmayer said. Widmayer told Wisconsin Inno in 2019 that Penrod would take venture capital dollars only if it could lead to growth that Penrod couldn’t sustain with its own revenue.
But with a goal this year to grow revenue by 50% to 60% from 2021 totals, Penrod spent the last year seeking capital before landing this deal, Widmayer said.
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