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HealPay scores seed investment for debt collection software

When HealPay's co-founders, Erick Bzovi and Lancelot Carlson, went looking for seed capital to grow their software startup, the pair quickly realized their best chance for finding funding wasn't necessarily with traditional venture capital firms. The Ann Arbor-based start-up found success with angel investors familiar with the debt collection industry.

"We went with people who understand the space," Bzovi says. "It was a lot easier."

HealPay is developing web & mobile apps that make collecting money easier. The 18-month-old start-up has raised a six-figure seed capital round Bzovi characterizes as worth "a few hundred thousand dollars."

"It provides us a runway for the next 12-18 months," Bzovi says. He adds the money will allow Bzovi and Carlson to focus on the start-up full-time, further develop the software and market it. The pair hope to double their staff of two people over the next year as they start to roll out the software.

HealPay plans to open-source its invoice application, called BillerApp, to the software development community early this year. The idea is to disrupt the invoice market with our free invoice application. The company plans to use that free software as a launchpad to draw in customers to its SettlementApp, which is plans to monetize.

Source: Erick Bzovi, co-founder of HealPay
Writer: Jon Zemke
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Related Company

  • HealPay
    Ann Arbor, MI 48105 Website
    HealPay is an innovative billing mobile application for collecting money based in Ann Arbor.