Interneer Closes $2 Million Funding Round; Names New CEO
6/6/07 – Culver City-based Interneer has received $2 million in funding from GroundWork Equity, a firm that provides technology companies with strategic planning, execution and access to investment capital. The company also announced that GroundWork founder and managing partner Michael Edell has been named CEO.
The investment is part of a new business strategy for Interneer, which Groundwork helped it develop. As part of the new direction, Interneer will target the mid-size to large enterprise market.
Founded in 2001, the company is the creator of the Instant Application Platform, or IAP, which it describes as the first web-based platform for companies to configure business applications that require human interaction.
Previous to his current position, Edell founded eLabor.com, a workforce management software company, which was sold to Microsoft and ADP. He has also founded and managed a number of other high technology companies including Warehouse Auction Centers, a privately-held online e-commerce site specializing in collectible merchandise. In addition, he is the general partner of Warp Nine Partners, a real estate partnership that owns and operates commercial properties in Southern California.
Interneer – www.interneer.com
GroundWork Equity, LLC – www.groundworkequity.com
