BOCA RATON, Fla.-Loc-Aid Technologies snared $5 million in its first round of institutional financing, the location-based services application developer said Wednesday.
H.I.G. Ventures and Intersouth Partners co-led the Series A round, and each firm placed a partner on the company’s board of directors under terms of the deal. Loc-Aid said it plans to use the cash to expand sales and marketing initiatives and to introduce a new location-based gateway and client.
The 4-year-old company’s portfolio includes location-based social, gaming and enterprise applications, which are available in Europe. Loc-Aid plans to launch its offerings to U.S. users next year.
