Brookfield-based sales analysis and forecasting software firm basic-code LLC recently raised about $250,000 in its second investor funding round, according to a new SEC filing.
Formed in February 2018 by Audrey Walby, basic-code last year raised a seed round of $736,000. Walby developed basic-code’s software on the Microsoft Access platform in the late 1990s and copyrighted it in 2000. It is targeted to manufacturers, wholesalers, e-commerce and retail companies.
The software brings vital business information together on one dashboard to allow for easier strategic decision-making on key performance indicators. Users can analyze multi-channel distribution, increase efficiencies and manage inventory with the platform.
According to the SEC filing, this equity funding round was launched Dec. 31 and the is now complete at $249,841 in securities sold to eight investors. The company indicated $50,000 of the total will go toward compensation for Walby and/or Paula Lewandowski, vice president of sales and marketing. basic-code now has three full-time and three contract employees.
“We feel that with the enthusiasm coming up with our product and what we have on the horizon, we probably will be hiring a couple additional people” this year, Walby said.
Walby said over the past year, basic-code has migrated its software to a web-based platform to offer a SaaS model, and added a planning service to directly help companies optimze their inventory and create better cash flow. In addition, basic-code recently released a new e-commerce product for small and medium businesses that extracts data from their Shopify accounts, for example, and integrates it with the forecasting tool.
“It puts those small and medium businesses on a level playing field with the large manufacturers that need the same type of information for their forecasting,” Walby said.
And basic-code is working to bring on channel partners such as CPA firms to resell its software to their clients, as well as ramping up its marketing efforts.
“We are generating income now and we feel confident that the income stream will increase substantially,” Walby said.