Branch2, a Madison, WI-based startup that intends to build healthcare software applications in collaboration with hospital systems, is looking to raise $500,000 in seed funding, according to a filing with the U.S. Securities & Exchange Commission.
Branch2 has raised $40,000 from two investors so far in the offering of debt and options or warrants to acquire another security, the filing shows.
The convertible note will allow Branch2 to add staff, founder and CEO Reggie Luedtke said. Branch2 has two full-time and 16 part-time staff currently.
“Almost all the money will go toward paying employees and scaling up our team,” Luedtke said. “We’re at a point now where that’s exactly what we want to do.”
The company is also close to signing a lease for office space near Capitol Square, Luedtke said.
Branch2 has partnerships with two Madison software companies, MIOsoft and Hardin Design & Development, to build the health IT apps and supporting software infrastructure. You can read more about Branch2 in this Xconomy profile.
