CAMBRIDGE, MA--(Marketwire - April 1, 2011) - Today, paper-haters everywhere celebrated as OfficeDrop raised $1 million in funding from White Owl Capital. Leaving analysts and pundits stunned, OfficeDrop declined a $6 billion offer and opted to "keep it real" by taking the $1 million and running.
OfficeDrop was offered $6 billion in $1 and $5 bills, which wasn't OK with CEO Prasad Thammineni.
"As tempting as it might seem to 'make it rain' with $1s and $5s all over Cambridge, that much paper goes against everything we stand for as a company," said Thammineni.
OfficeDrop will use the $1 million to scan in paper money that they receive from their customers through their mail-in scanning service. Customers will simply mail cash to OfficeDrop's headquarters, and the company will convert the cash to "OfficeDrop bucks" which can be redeemed in the cloud.
"Call it an IOU for the cloud-based business," said Thammineni. "Every cent's accounted for. They're as good as cash."
April Fool's. But we really did raise $1 million from White Owl. For the real story, check out this release on our website.
About OfficeDrop
OfficeDrop is a cloud based digital filing system, scanner software provider and document scanning service that helps small businesses manage paper and digital documents. OfficeDrop provides tools that sync businesses' desktops and scanners with an online search engine and cloud filing cabinet. The affordable service helps businesses save time and money by enhancing paper-based collaboration and workflows, and allows offices to fully utilize their information by bringing paper to digital platforms. Headquartered in Cambridge, MA, OfficeDrop was founded in 2007 and has won awards such as AlwaysOn Global 250 and MITX Technology Awards. For more information, visit www.officedrop.com.
Contact Information:
Contact:
Erica Orthmann or Mike Farber
(617) 945-1915
officedrop(at)launchsquad(dot)com