Frevvo Inc. picked up $500,000 through seed investment from Connecticut Innovations, the state”™s quasi-public authority responsible for technology investing and innovation development.
Located in New Haven, Frevvo is an Internet application company that creates multi-functional, Ajax forms using just a Web browser. Frevvo is the fourth business to receive Connecticut Innovations”™ (CI) speculative investment since the launch of its Seed Investment Fund in Feb. 2007.
“In addition to vital funding, CI supports technology entrepreneurs with the operational and strategic experience that is so critical for growing early-stage companies like Frevvo,” said Ashish Deshpande, CEO of Frevvo, Inc. “Frevvo is already benefiting from CI”™s in-depth understanding of the dynamics of early-stage investing as well as from their network within Connecticut and beyond.”
The CI funding will be used to aid and expand Frevvo”™s development and marketing of its Live Forms product. Live Forms is already in use at several customer locations, building Web 2.0 forms. CI”™s interest in Frevvo stems from the ease at which its forms can be added to Web sites, allowing individuals to need only a Web browser to create, and quickly deploy professional forms.
“CI is pleased to be supporting a company founded by an experienced team of entrepreneurs ”“ a team that also helped to launch another technology company that got its start with CI funding,” said Peter Longo, CI president and executive director in a prepared statement. “The entrepreneurial spirit is alive and flourishing in the state, as evidenced by our active pipeline of companies seeking funding, which has yielded 11 new investments for us since July and four seed-stage investments in the past year, including our most recent investment in Frevvo.”
“Only with such support can we continue to create high-paying job opportunities for our talented workforce and stay competitive in the increasingly technology-oriented global marketplace,” said Gov. M. Jodi Rell in a prepared statement.
