Fayetteville startup Engine raises $3.5 million
by October 22, 2018 10:26 am 874 views
Fayetteville-based computer software startup Engine has closed on a $3.5 million fundraising round.
Company co-founder and CEO John James declined to disclose the investors. Earlier this year, Engine raised $1 million in venture capital to fund its cloud-based e-commerce software platform, focused on optimizing customer acquisition and conversion rates. Among the company’s initial investors is Claiborne Deming, a philanthropist and chairman of the board of El Dorado-based Murphy Oil Corp., where he was president and CEO from 1994 to 2008.
“We are still in the early stages, but things are going really well,” James said. “We have our first few customers up and running, and it’s been a blast so far.”
James is one of the most successful venture capitalists in the state’s history, having raised more than $100 million for a variety of enterprises.
He said Engine plans to use its latest capital infusion to build out its sales and engineering teams. He said there are 18 open positions to fill, which will double the company’s number of full-time employees.
In anticipation of the growth, Engine is in the process of relocating its Fayetteville office from 245 E. Township St. to the Park Centre office building at 4375 N. Vantage Drive.
Engine has signed a lease to occupy the entire second floor of the four-story building, doubling its workspace.