Circa, a Brunswick-centered financial technology startup, and cellular app, been given $2 million in investments to enrich its company’s development in January.
The app was intended to guide renters in paying their lease electronically and obtaining the overall flexibility to break up up rent payments though helping residence owners gather rent and earlier-thanks quantities. For illustration, on the application, renters can pay lease in two to three scheduled payments and indication up for payment reminders by e-mail or textual content.
In accordance to a report from the Joint Heart for Housing Studies of Harvard University, 10.9 million renters expended a lot more than 50 percent of their earnings on housing in 2018. The facts also showed 6 million more price tag-burdened renters in 2018 than in 2001.
“The need for adaptable rent payments is so robust right now,” Leslie Hyman, CEO and co-founder of Circa explained. “We get hundreds or hundreds of unsolicited requests to use Circa since men and women want this ideal now. There is a actual will need for fiscal aid relating to housing in just about every condition and city, and that is what we are performing.”
Circa transitioned from Connecticut to Maine in April just after participating in the Roux Techstars Accelerator application in Portland. They are found at 16 Station Avenue in Brunswick, following to the teach station. Techstars is a Colorado-centered company that runs an accelerator plan (a system that assists acquiring organizations get enable in mentorship, investors, and other assistance to turn into steady and self-enough companies) globally, including Northeastern University’s Roux Institute in Portland.
“I have normally seasoned Maine like quite a few folks for vacation,” Hyman said. “Now, I notice how essential Maine is from a company standpoint. I cannot explain to you how thrilled I am to be welcomed by this phenomenal organization ecosystem. There are so quite a few benefits to staying in Maine we have assistance from financial builders in the point out, our investors are here, and we can get edge of the tax credits that Maine gives.”
Hyman included: “We share place with a further Techstars organization [Omnic Data, Inc], and the go has been performing out for us so much. I am also grateful to a great group of investors dedicated to our mission, and I am also grateful as a woman founder. I am so satisfied that we are giving a product or service that folks see the value in and are excited to make investments in so we can assist so many individuals.”
Circa’s crew is composed of 6 users on their leadership team and three section-time employees customers. They are actively using the services of team for business enterprise and accounting. They are also doing the job closely with their traders to promote and use from Maine.
Hyman stated that the funds would be utilized to expand their small business. “We are developing our organization,” she explained. “The cash are to grow our sales and promoting to scale the business enterprise.”
The $2 million elevated came from Maine Angels, Dirigo Fund, Maine Enterprise Fund, and TechStars. Maine Angels are accredited personal fairness investors who devote in and mentor early-phase providers. The Dirigo Fund is a venture capital fund that Maine Angels operates. Maine Enterprise Fund is an expenditure business that invests completely in Maine organizations that exhibit possible growth and public reward.
“We seemed at Circa and thought that they fulfilled a crucial social mission of addressing the housing problem in our nation,” William Nunan, particular person Investor and member of Maine Angels, mentioned. “By re-investing the hire product, they will assistance renters match their cash circulation with shelling out rent mainly because so many folks in this country wrestle with spending lease. We believe that the company gives good benefit and observed it an beautiful expense.”