In 2010, Nebraska Global set out to jumpstart venture capital activity in Lincoln and in Nebraska. The group made four initial investments, including Beehive Industries. Led by Bill Sheldon, this firm has slowly evolved to be a keystone to the Lincoln entrepreneurial ecosystem. With the help of Nebraska Global and Don’t Panic Labs, the company has trained key employees for virtually every one of the other great scaling companies in Lincoln, and some in Omaha. But, little is known or talked about this stalwart. The company provides light asset management software to small government entities and utilities. This essentially means that it helps organizations know where their stuff is and what has been done to it. With a long tail target of smaller communities, Beehive has bucked the trend to move to the largest possible customers and provided a roadmap for many other Nebraskan companies. This week they announced a $2.1 million investment from existing investors. This money is intended to help the company continue to scale new products.
LINCOLN, Neb., September, 6 2022 – The Community Development Venture Capital Alliance (CDVCA), in partnership with Advantage Capital, announced today a $2.1 million investment in Beehive Industries to help accelerate the company’s go-to-market strategy for its cloud-based integrated software systems.
Beehive Industries services clients across the US at the state, county and local levels. The company believes opportunities from the Infrastructure and Jobs Act will serve as a tailwind for generating more contracts with municipal and private partners who manage water resources, sewer, and broadband infrastructure.
“We are appreciative of this latest venture-backed support to accelerate Beehive’s go-to-market strategy for our cloud-based integrated software systems,” said Beehive Industries CEO Mac Rodgers. “Our strong SaaS offering provides the public and private sector with a highly efficient and cost-effective software alternative for managing assets.”
By integrating geographic information systems (GIS) with client-specific infrastructure and asset
information, Beehive helps its users identify the work required to keep their infrastructure operating efficiently with a focus on preventative maintenance. Using Beehive’s device agnostic computerized maintenance management system (CMMS) allows for the assignment, tracking and reporting on projects quickly and inexpensively.
The financing was made in connection with both the federal and Nebraska New Markets Tax Credit Program (NMTC). These programs have worked to attract and encourage investment in Nebraska’s low-income communities. By encouraging private investment, the program helps fill the financing gap that exists for many businesses in low-income areas¬—helping catalyze job growth and economic development in the places that need it most.
“I am pleased to see these programs doing exactly what they are intended to do—providing private investment capital to businesses in distressed areas across the state,” Senator Eliot Bostar. “We must continue to drive capital to those companies that can maintain quality jobs that will enhance the quality of life for Nebraskans.”
As major investors in the company, both CDVCA and Advantage Capital have supported Beehive through multiple rounds to support its mission to provide people with simple, powerful and flexible digital solutions.
“We are pleased to continue supporting this innovative company with growth capital,” said Kerwin Tesdell, President of CDVCA. “Beehive is a fantastic example of a company that is modernizing systems to help citizens better connect with government agencies. With this latest round, we are excited to see what will come next in its growth trajectory.”
In 2014, Advantage Capital led a $2.5 million Series A round in Beehive Industries. In 2018, both CDVCA and Advantage Capital supported the company in a Series B round by investing $1.5 million, and later a 2020 convertible note that led to this latest round. To date, Beehive Industries has secured $12.3 million in total venture funding.
“While the Covid-19 pandemic delayed Beehive’s opportunity to perform on-premise demos and transition potential clients to cloud-based asset and infrastructure management, we are excited by the momentum they have generated this year in bringing their software to the municipal government marketplace,” said Josh Rogers, Senior Vice President at Advantage Capital. “Their software provides a fantastic opportunity for utilities and other municipal entities to streamline their billing and other asset management capabilities.”
About Advantage Capital
Advantage Capital provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $3.8 billion in companies from a diverse array of industry sectors and has helped support more than 66,000 jobs. Learn more at www.advantagecap.com, or via Twitter or LinkedIn.
The Community Development Venture Capital Alliance (CDVCA) is the network for the field of community development venture capital (CDVC) investing. CDVC funds provide equity capital to businesses in underinvested markets, seeking market-rate financial returns, as well as the creation of good jobs, wealth, and entrepreneurial capacity.
About Beehive Industries
Beehive Industries, LLC provides software via a SaaS model for Asset Management, CMMS, and Utility Billing to public entities at the local, county and state level as well as private and semi-private entities. The company was founded in 2011 and is located in Lincoln, NE. With clients across the US, Beehive’s software is tailored for ease of deployment and user adoption. Learn more at: www.beehiveindustries.com.