RJ Metrics, Center City-based makers of business intelligence SaaS products, have raised $1.2 million from a mix of angel investors from all over the nation.
“The only thing between us and even faster growth was more rapidly iterating on our product and getting in front of even more people,” wrote co-founder Robert Moore in an email to press. “Raising money was the key to going after this huge opportunity as aggressively as possible.”
Founded in Camden by Moore and Jake Stein, the company has had steady rise eliciting praise from customers like Fab.com (whose CEO is an investor) while garnering attention for rap videos, speaking engagements and TechCrunch guest posts.
In 2010, Moore who used to work for a venture capital firm told Technically Philly that he opted not to take outside money.
“We made a decision not to raise any capital as [co-founder Jake Stein] and I had worked in venture capital before and we’ve seen the benefits of waiting to raise money.”
However, Moore said that the company decided that now, as the company doubles down on Philadelphia, was the time. The company opted to rely mostly on angel investors, including DuckDuckGo co-founder Gabe Weinberg for its funding.
“I wouldn’t say I’m weary of VCs,” said Moore in an email to Technically Philly. “I just think it’s common for companies to raise too much money prematurely and for the wrong reasons. Doing this with angels allowed us to raise the right amount on most desirable timeline. And we’ve gained some amazing partners in the process.”
After the jump, see the company’s complete announcement.
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