Michael Bergman. (Photo: REPP)
CincyTech makes $250,000 investment in REPP, a Blue Ash -based startup.
CINCINNATI - CincyTech will invest $250,000 in Repp, a Blue Ash -based startup that allows people to verify the accuracy of their online profiles and share that information with others.
The investment from CincyTech Fund III is part of a larger financing round in which Repp was trying to raise $565,000. A recent filing with the U.S. Securities and Exchange Commission indicates $469,222 was raised by Jan. 4. Repp founder Michael Bergman declined to identify other investors. He said the team hasn't decided whether it will continue seeking investors for the remaining $66,000.
He said the three-employee company will use its new funding for marketing and new employees.
"Hopefully, we'll grow the team a lot this year," Bergman said.
REPP was co-founded by Bergman, Adam Daniel, Stephen Hartz, David Volker and BreeAnna Bergman in 2012 and is a graduate of the Brandery, a startup accelerator that delivers consumer-marketing expertise to developing companies.
REPP was a finalist in the Kauffman Foundation's "Get in the Ring" competition and it was recognized by CNBC as one of the nation's "Most Promising Companies." WCPO profiled the company last July.
A press release indicates the company is working on several "high profile partnerships" that could add thousands of users at www.myrepp.com.
The company is offering consumers a chance to create a free REPP account for a limited time.
"REPP is a product that should exist in this market," said CincyTech principal Justin Thompson, in a press release.
"REPP is creating a layer of transparency and accountability to interactions we have online and those that naturally move offline, like dating or buying a car. We believe the REPP team has a good opportunity to make a company that has massive impact."