eBlu is Anything but Blue after Successful Funding Round
Louisville-based eBlu Solutions Inc., renowned as one of the city’s fastest-growing private enterprises, has successfully raised a substantial $4 million in a recent funding round, as per records filed with the U.S. Securities and Exchange Commission in January.
Founded in 2012, eBlu has rapidly expanded its footprint by offering an efficient single-portal software solution designed for benefit verification of specialty medications. The company experienced a significant surge in growth starting in 2021, marked by an impressive $11 million Series A fundraising round. Within a year, eBlu’s employee count skyrocketed from 63 to over 100, prompting a relocation to its new headquarters on the 15th floor of Waterfront Plaza in Downtown Louisville.
Currently boasting a workforce of 114 employees, eBlu is committed to further expansion and development. The freshly injected capital will play a pivotal role in supporting key initiatives geared towards sustaining the company’s growth trajectory.
Lori Wood, Director of Brand Marketing at eBlu, expressed excitement about the internal funding round and its implications for the company’s future. She highlighted the strategic addition of Mike Davis, Co-Founder of Appriss, as the Executive Chairman to the board, foreseeing an exciting and promising year ahead for eBlu Solutions in 2024.
The internal funding round was led by eBlu’s existing venture capital investors, including OCA Ventures from Chicago, Mutual Capital Partners from Cleveland, and FCA Venture Partners’ Health Innovations II fund based in Brentwood, Tennessee.
eBlu Solutions earned the remarkable position of No. 7 on Business First’s prestigious 2023 Fast 50 list, a testament to its phenomenal growth. The company achieved an extraordinary revenue surge, exceeding 411% over three years, escalating from $1.8 million in 2020 to an impressive $9.4 million in 2022.
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