Friday, November 2, 2012
Kansas City Startup InvenQuery Raises $1.1 Million and Continues to Save the Planet
Many Midwestern entrepreneurs may have heard of Planet Reuse, one of the new successful startups making waves here in Kansas City. But many may need to start paying attention to InvenQuery as well, Planet Reuse's inventory, point-of-sale and e-commerce solution for reuse centers.
The Kansas City-based startup, which currently operates out of the Think Big Partners coworking space, bizperc, has raised $1.1 million in seed funding and Series A investment. Primary investors include $650,000 by Dundee Venture Capital (Omaha, Nebraska) and $450,000 from a prior angel investment. The investment will be used to enhance the InvenQuery technology and improve customer outreach.
The InvenQuery mobile application is currently beta testing the product with two local Kansas City reuse centers. The technology, according to Brian Alferman of Missouri Habitat for Humanity ReStores, "should help us drastically improve awareness of our store and the flow of unique items we have here at any given time." In addition, the new platform will attract new customers, prevent price tampering and provide new reporting and point-of-sales tools.
InvenQuery's niche market isn't a small one either. There are currently 1,200 for-profit and non-profit reuse organizations in the United States that accept donations of used and surplus building materials and then resell them to the public at 40-60% of the price of new. The industry is growing at 20% per year. Currently, the reuse market place is a $250 million industry.
But this investment isn't just a win for InvenQuery. It's also a win for the environment. According to a recent press release, InvenQuery's mobile application will actually prevent millions of pounds of usable surplus materials from going to landfills. Without a system like InvenQuery's, the environment will continue to suffer with the 40% of US landfill waste that comes from the building construction and demolition industries.
Hats off to the team at Planet Reuse and InvenQuery for their new investment and initiative to make the world a better place! To learn more about InvenQuery, please visit www.invenquery.com.
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