[ibimage==47352==Original==none==self==ibimage_align-center]When a company has “turbo” in its name, rapid growth shouldn’t be such a surprise.
TurboAppeal, a Chicago-based technology company that seamlessly automates property tax appeals for homeowners, raised $1.5 million in convertible-note financing today. With the funding, the startup plans to achieve its goal of expanding to 15 counties in the next 24 months, according to Badal Shah, TurboAppeal’s CEO. Hyde Park Angels, Hyde Park Venture Partners, and @Properties are the lead investors.
Shah said TurboAppeal has acquired 4,000 users, since launching publicly in January of this year. The service operates only in Cook County, but according to Shah, TurboAppeal will be active in Florida before year’s end, and it will be available in Michigan, New Jersey, New York, and Texas within two years.
Not only will this funding — which comes as a seed round — benefit TurboAppeal in terms of capital, it will do so with relationships, as well.
“In addition to capital, each of our investors are highly strategic in their networks, so it’ll help with our distribution and really amplify our marketing efforts,” Shah said. “That’s really what we’re most excited about — not necessarily the capital, but more about the strategic relationships and how they’re helping us grow our business.”
The TurboAppeal team stands at 12, including six data scientists, Shah said. By the end of the year, TurboAppeal intends to grow the team to 20, bringing on more data scientists and sales reps, not to mention a CMO.
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