BIRMINGHAM, Ala., Jan. 08, 2020 (GLOBE NEWSWIRE) — Alabama Futures Fund (“AFF”) recently placed an investment in Linq, LLC, (“Linq”). Based in Birmingham, AL, Linq is seeking to disrupt the traditional networking platforms currently on the market ranging from electronic business card apps and platforms like LinkedIn.
Founded in 2019 by Elliott Potter, Jared Mattsson and Patrick Sullivan, Linq offers several key differentiated features over other contact management technologies:
- Linq doesn’t require users to sign up for a service, download an app or visit a website to share or receive other Linq cards.
- Linq cards are dynamically updated. As a user’s title, position, contact information or even employer change, that user’s Linq card will automatically update not just on the user’s phone but for everyone with whom they shared their Linq card.
- Linq provides integration with major Customer Relationship Management (“CRM”) systems, allowing Linq cards to be directly added to CRM databases.
- Linq provides a platform for people to gather actual contact information and integrate that information into their own business processes and workflows.
While sharing contact information through business cards is easy to do and carries a low incremental cost on a per card basis, traditional business cards are largely ineffective for several reasons. According to industry statistics, approximately 88% of business cards received are thrown out in the first week after receipt, the amount of sales revenue increases only 1.25% for every 1,000 cards distributed and only 18% of people exchange business cards when meeting someone while 35% of people keep contact information on their phone.
Even when cards are retained, those cards must be utilized through what is often manual integration with business processes, business systems like CRM or even added to someone’s phone address book. Many times, this represents a significant amount of time or a largely inefficient process of manual data entry across multiple platforms. Additionally, once someone’s contact information has been gathered and entered, it may need to be categorized or grouped, shared with others, put into marketing automation workflows and centrally managed to ensure all information is current. For individuals and professionals whose job function requires them to acquire, retain and utilize contact information, this can represent a significant amount of time and dedicated resources needed to accomplish basic contact curation.
Elliott Potter, Co-Founder of Linq, said, “We’ve seen the innovation that Birmingham is capable of, and Linq is thrilled to partner with the Alabama Futures Fund to push those bounds even further. As we redefine the way people connect, we hope not only to change an industry, but to produce changemakers who are equipped to do the same.”
Matt Hottle, Partner at Redhawk Advisory, serving as the Investment Manager for AFF, said, “The Linq founding team demonstrated many of the traits you hope to see in an early-stage company. They have specific, relevant experience, they have a big vision of what Linq can be and are extremely ambitious.”
About Alabama Futures Fund, LP
AFF seeks to make seed and early-stage investments in Alabama-based operating companies and companies that are willing to relocate their headquarters and principal business operations to Alabama. AFF will target portfolio investments that demonstrate high growth potential, are led by coachable and adaptable founding teams and are focused on large total addressable markets. Additional information about AFF can be found at www.alabamafuturesfund.com.
About Redhawk Advisory, LLC
Redhawk Advisory, LLC (“Redhawk”) is a registered Investment Advisor with offices in Birmingham. Founded in 2018 by Matt Hottle and Mickey Millsap, Redhawk focuses on identifying investments in early-stage startups with high growth potential across a broad range of industries. For more information, please visit www.RedhawkVC.com.
