Evan Vitale

Accounting Professional

Evan Vitale – Non-Tech Firm Raises $13.5 Million

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By Evan Vitale

A Chattanooga, Tennessee startup has raised $13.5 million in venture capital – the largest one-time VC capital investment of any Chattanooga startup company.

And it has nothing to do with technology; medical; devices or apps.

“Bellhops” uses approximately 8,000 college students, who are employed as independent contractors, to help consumers move household goods and furniture in 88 cities across the United States. About 4,500 of those students are working activity as moves are ordered through a web-based, on-demand service.

The company is the brainchild of Auburn University grads Stephen Vlahos and Cameron Doody who started Bellhops in 2011.

Bellhops gained initial funding of $6 million in November 2014 from the Lamp Post Group in Chattanooga. Recently, Canaan Partners, a Westport, Conn.-based investment fund helped arrange the most recent round of venture funding to help the growing company add more staff and enter more markets. The recent funding including Lowercase Capital, Bullet Time Capital and Binary Capital.

Currently, Bellhops employs approximately 65 employees at its 12,000-square-foot rented headquarters in Warehouse Row in Chattanooga and provides a unique, lower-cost moving option.

While revenue numbers weren’t disclosed, Doody says Bellhops has been growing five-fold every year. The two original owners will maintain majority ownership and the company plans to stay and grow in Chattanooga.

Bellhops offers a variety of moving services and charges an hourly rate. The firm doesn’t own any trucks, but supplies the labor to help others move with their own or rented trucks.

Bellhops won the Chattanooga “Spirit of Innovation” award in 2014 from the Chattanooga Area Chamber of Commerce. You can visit its website at https://getbellhops.com/.

Evan Vitale – What is Venture Capital?

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By Evan Vitale

(This is Part IV in our series on different types of capital, including debt capital, equity capital, private equity, venture capital, angel investors and investors).

Venture capital is another type of funding for businesses and startups. However, with venture capital (sometimes called “risk capital”), dollars are typically earmarked for startup or growing businesses.

These funds usually come from venture capital firms that specialize in building high-risk financial portfolios. In these cases, venture capital (also known as “VC”) is given to the startup company in exchange for equity in the company.

These investments are made to firms that have long-term growth potential for above-average returns.

See also:

What is Debt Capital?
What is Equity Capital?

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Evan Vitale is a multifaceted finance and accounting professional who provides Audit, Accounting, Tax, Due Diligence and Advisory services to Venture Capital Funds, Hedge Funds, Private Equity Funds, Family Offices, Small Business Investment Companies (SBICs), Funds of Funds, Other Investment Groups and their management companies. 

Today’s market has made it extremely difficult to predict what the next day will bring.  For Funds and Other Investment Vehicles, the expectations remain to balance the different opportunities with a continued focus on value creation in existing portfolios.  The key to any successful organization is building and maintaining the trust of your investors. Evan has the expertise to help you shine in your investor’s eyes and stand apart from the competition.

Funds have special needs when it comes to finding an accounting firm to help them with their accounting, auditing, tax and financial due diligence projects. Managing a fund is complicated enough without having to build the infrastructure to have accounting and tax services handled also.

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