Launched Six Months Ago, Arbit Already Boasts More Than 100,000 Users
Arbit, the social media/data and analytics startup based in Baltimore, today announced that a $100,000 investment was made by TEDCO (Technology Development Corporation) Maryland's state technology development corporation. Following an extensive vetting process with dozens of companies, Arbit pitched to a panel of 20 judges last month. Arbit emphasized its impressive growth six months since launch with a minimal budget. The company has over 100,000 users and is already generating revenue from three paying clients.
Arbit's business model is predicated on brands that pay to sponsor polls on the app, collect instantaneous data from the responses, and then drive sales with follow-on email marketing.
With TEDCO's backing, the Arbit team will be able to push further into whitelabeling their technology for companies. Arbit is developing its platform to allow companies to create polls and export them as clickable, vote-able links on social media, or embed them on websites for seamless interaction.
"We are thrilled to have TEDCO's backing. We didn't just create Arbit as a standalone app, but rather as something that can be shared in myriad ways," Co-Founder Alex Bullington said. "TEDCO's investment now helps us to propel Arbit further along this path."
"When speaking with large companies and organizations, they really liked how seamless Arbit is, but wanted to use these polls across all platforms, whether it would be as a link on other forms of social media or right on a brand's website, where there would be a poll, 'powered by Arbit.'"
The TEDCO investment is a major stepping stone to raising a substantial round of capital. Investors include NBA stars Anthony Tolliver, Steve Blake and Caron Butler and users include Mark Wahlberg, and Katie Leclerc.
"TEDCO's backing is certain to be a launching pad for us. Using the investment to grow from a product and business development perspective will position us to raise capital, hire tech talent in Baltimore, and to expand our sales team for revenue growth," said Co-Founder Greg DiNardo.
"Most app founders rely on growing the user base and then figuring out how to monetize it. We have listened to our users and clients, and now have figured out how to make the product better, and are now able to scale our platform based on that feedback."
Arbit will pilot their whitelabeling tool later this summer, making appropriate their polls for sports organizations, large brands, and non-profits. Bullington and DiNardo, both native Marylanders, have been in discussion with teams and stars in the NBA, NFL and the music industry that would serve as brand influencers.
TEDCO was created by the Maryland State Legislature in 1998 to help spur technological innovation in Maryland. TEDCO’s Seed Investments exist to support certain types of Maryland companies in their effort to develop and commercialize new technology-based products. TEDCO makes investments in these companies so they can reach a critical milestone in their product development efforts and advance their technologies further along the commercialization pathway, which will increase the company’s valuation and lead to follow-on investment, sustainability, and job creation.
About Arbit's Founders:
Alex Bullington, a 2014 summa cum laude graduate of Loyola University Maryland with a degree in accounting and a minor in Information systems, was a member of Loyola's Division I soccer team. Alex, an active CPA, worked for a year in public accounting at RSM US LLP in Baltimore, MD. He has spent the last five years researching and studying the way athletes, celebrities, and brands use social media to interact with their target audience. Originally from Fallston, Maryland, Alex attended Calvert Hall College.
Gregory DiNardo of Salisbury, Maryland is a 2013 graduate of Loyola University Maryland with an accounting degree and is an active CPA. DiNardo worked for two years at RSM US LLP and a year at Microventures, Inc., an equity crowdfunding firm in Austin, TX. Greg was a member of the Division I soccer program and the All-Conference Academic Team. Greg DiNardo also attended Episcopal High School in Alexandria, Virginia.