Waterdog Technologies Secures More Than $500,000 in Funding
SPRINGFIELD — When Delcie Bean started Waterdog Technologies, his goal was to disrupt the traditional IT distribution model by offering the best products and backing them up with the strongest support. In a field saddled with overseas call centers, terrible response rates, poor customer service, and an overload of substandard products, Bean said Waterdog’s direct, hands-on business model has connected with IT resellers all over the continent.
As Waterdog quickly found success, he realized it had to generate more funding in order to support the growth. Waterdog was able to secure more than $500,000 in funding from River Valley Investors, the Springfield Venture Fund (SVF), and a selection of area business owners. The funding will be used to hire additional staff to keep up with the demand.
“The money from SVF ensures that we will be in Springfield for the long haul,” Bean said. “When we were first seeking funding, we were afraid that we might have to go outside of the area. We couldn’t be happier to be able to stay right here in downtown Springfield and be part of the city’s growth.”
Waterdog is located on the second floor of 1391 Main St. but is currently in talks to build an expanded office space on the top floor to make room for the staff expansion. The company has taken on eight new staff members since this time last year, including Crash Lowe, an experienced, high-level sales director who relocated to the area to take the position. Waterdog plans to hire up to six more in 2015. And that’s just the beginning.
“Waterdog is on a path to reach the $10 million mark with about 30 employees within five years and the $100 million mark with around 50 employees within 10 years,” said Bean, who was recently named BusinessWest’s Top Entrepreneur for 2014 for his work with Waterdog, Paragus IT, Tech Foundry, and other ventures.
Added Lowe, “Waterdog’s growth so far is a drop in the bucket compared to what’s ahead. We have found a niche where the competition is stale and boring, but the market is enormous and growing.”