A group of former Endurance International Group executives has raised $12.1 million in venture capital to jumpstart a new tech company called iSubscribed.
The investment was revealed in a recent document filed with the SEC, and iSubscribed managing partner Hari Ravichandran confirmed the funding in a LinkedIn message. He declined to share more details.
Ravichandran was previously CEO of Burlington, MA-based Endurance (NASDAQ: [[ticker:EIGI]]), which he founded in 1997. The company was originally known as BizLand and focused on helping small businesses establish a Web presence. Ravichandran helped guide Endurance through the dot-com crash and built it into a multi-faceted tech company that provides products and services such as hosting, digital marketing, security, design tools, and more. Endurance went public in 2013, and it reported nearly $1.2 billion in revenue last year.
Much of Endurance’s growth has come via acquisitions, including the $1.1 billion purchase of Waltham, MA-based e-mail marketing firm Constant Contact, a deal completed in early 2016.
Ravichandran stepped down from Endurance last year and was succeeded by Jeff Fox. Endurance said its board decided to “accelerate” the CEO succession plan because of the business’s expansion and an SEC investigation into the company’s financial reporting.
Now, Ravichandran is working on a new software venture with several Endurance veterans, according to their LinkedIn profiles. The team appears to include Ryan Toohil, former Endurance vice president of engineering; Hamed Saeed, former Endurance senior vice president of corporate strategy; and Blake Cunneen, former Endurance executive vice president of corporate development and investor relations.
What they’re working on is a bit fuzzy, but it appears to involve developing a variety of software-as-a-service products geared toward consumers and small and medium-sized businesses, according to a description on LinkedIn. That might include cybersecurity software, according to a job posting on iSubscribed’s website. The company will also be on the hunt for potential acquisition targets, a spokeswoman said in an e-mail to Xconomy.
