Raleigh-based Queue Software Raises $4.75M

9/21/17

Queue Software Inc., which operates an app development platform, has raised $4.75 million in a private equity offering, according to a Sept. 20 filing with the Securities and Exchange Commission.

Queue Software, which goes by Dropsource, raised the money from 25 investors.

The company plans to hire six new employees by the end of the year, according to a company blog post from CEO Ben Saren.

According to the filing, about $640,000 of the funds will divided among Saren and directors J. Gregory Poole III and Robert Andrews III.

“The funds will be used for expanding our product offerings, growing our team, entering new markets, and continuing to demonstrate extraordinary value for our community and customers,” Saren wrote in the blog post.

The company also raised $3.1 million in November 2015.

Queue Software was established in 2014 by two web engineers with the idea of developing a platform that allows users to create mobile phone apps without writing any code.

Founders Nate Frechette and Paul Berg act as chief technology officer and chief product officer, respectively.

Saren became Queue Software’s CEO in August 2016 after working as vice president of customer development for four months.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

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