August 11, 2009
Business Development Company, Capital Southwest Leads $6.2 Million Investment in Series B Funding for iMemories
Founded in 2006 and based in Scottsdale, Arizona, iMemories announced today that it had received $6.2 million in series B funding with Capital Southwest leading the funding round. This round of funding that iMemories received today brings the total amount of venture funding which the company has received since its inception up to $11 million. Along with this round of funding, iMemories also announced that the senior vice president of Capital Southwest, Bill Ashbaugh will join the company’s board of directors.
iMemories is a company that provides a website which allows families to share their family photos online and can share their memories together. iMemories is unique to the market because it is the only company that has software, which allows consumers to upload, share, and preserve their family photos and it does not even matter what file format these photos are. iMemories also allows consumers to upload their home videos as well.
Proceeds from this funding will go to help iMemories solidify its leadership and management as well as to solidify its position in the emerging social media markets. There is a market niche for the service that iMemories provides. The ability for families to be able to upload, preserve, and share both photos and videos online with an internet based software that includes analog and digital formats. Furthermore, because consumers are always looking for more unique and effective ways to both preserve and share their memories with friends and family, this market is growing an explosive rate.
According to the founder and CEO of iMemories, Mark Rukavina, though personal images have always been important, nowadays, personal images have become more important than ever before. In this digital age, photos and videos have become an inseparable part of people’s lives. To most people, images have always had irreplaceable value, but because of digital imaging technologies and social media networks coming up on the horizon, images have become more important than ever.
How iMemories works is that consumers use the iMemories software and online database as a central location to hold all their photos and videos. What makes iMemories one of a kind is that it does not matter how people capture their memories. They might be shooting their family videos with an old camcorder and the video is captured on video tape, they might still capture their photos on film, or they could be using the newer digital format to capture their memories on videos and photos. With iMemories, that does not matter. The consumer can use what ever format they wish and it works.
As far as Mr. Ashbaugh is concerned, iMemories has all the criteria that the team at Capital Southwest looks for to make a successful investment. The fact that iMemories has a product and a service that can meet an insatiable demand in the marketplace, as well as having a top-notched management team makes the company poised for success in the future.
Capital Southwest is a business development company that is publicly owned and is capable of making indefinite investments. Capital Southwest is dedicated to business development and currently has over $418 million of capital under its management. Capital Southwest was founded in 1961 and Capital Southwest states that it is not a private equity or vc firm. Some other companies in Capital Southwest’s portfolio include Alamo Group, ACI Group, BankCap Partners, Boxx, Blue Magic, and others.
For more information about iMemories, click here.