Startup Sees Better Fundraising Opportunity in Baltimore
Can you pack up your whole company and move to a better business climate? Saad Alam,CEO and co-founder of the education-tech startup Citelighter, thinks so.
Alam moved from New York City to Baltimore in October and plans to move the company’s other five employees there in February or March. (Dice News has asked how the staff feels about relocating, but hasn’t yet received an answer.) Alam cites Baltimore’s community of education tech companies and the prospect of catching local investors’ eyes as reasons for the move.
He plans to raise as much as $6 million to support the company he and co-founder Lee Joki created, which helps students organize their material when writing research papers.
“Something very special is happening here in Baltimore,” Alam told the Baltimore Business Journal of the growing community of education tech companies.
In all, Citelighter employs 12 people, but its sales force works remotely and its software developers are based in Romania. Those two groups will not move. Alam expects to hire five to seven more people in Baltimore — salespeople, software developers and curriculum creators — in the next six to seven months after a $1.2 million funding round closes in December. He plans to add another 10 to 12 people with further funding rounds.
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