Skykit’s Parent Company Announces $6.5M Raise To Speed Growth

May 30, 2019 by Dave Haynes

The company behind the Google Chrome OS-centric digital signage solution Skykit has announced a $6.5 million funding round intended to drive what it calls an aggressive growth plan.

Minneapolis-based Agosto Holdings, which describes itself as a cloud services and development company, secured funds from Bridge Bank and SG Credit Partners.

Agosto’s core business is selling and supporting Google Cloud products for the private and public sectors, but it has since 2014 been developing and marketing Skykit. Former Wireless Ronin and Samsung exec Linda Hofflander is the most familiar signage ecosystem person involved with Agosto/Skykit, which also has offices Toronto, Houston, Nashville, San Francisco, and Los Angeles.

From the PR:

“Agosto is a high growth, innovative company that has matured to the stage where it can obtain funds on demand,” says Raelene Sagapolu, Vice President at Bridge Bank. “These funds will be of great benefit to the company, its partner ecosystem, and its shareholders, since it enables Agosto to invest in the company without touching existing equity.”

Agosto has tripled its revenues and headcount since 2016. The capital will allow Agosto to continue to keep pace with an aggressive growth plan that includes advancing its go-to-market strategy within the Google ecosystem, adding personnel to its sales and marketing departments, and continuing to promote Skykit – the first digital signage content management system (CMS) built on Google Cloud Platform (GCP).

Since Skykit’s launch in 2014, Agosto has invested significant capital into the product, which is as suited to a budget-conscious school district as it is for a global enterprise. Skykit presently has hundreds of customers, including one of the largest health education digital signage networks in North America.

“Agosto’s new strategic relationships with Bridge Bank and SG Credit come after four years of tremendous growth,” adds Michael Majerus, Agosto Vice President of Finance and Human Resources. “Our plans call for an acceleration of this growth in the coming years, and this new capital will allow us to continue to invest in specific areas of the company while maintaining shareholders’ equity interests for the foreseeable future.”