Waldo Solutions, Inc., creator of Waldo Logs, a supply chain management software platform for the logging industry, recently raised $1,225,000 in a seed capital round. The new funds will allow the company to continue to develop, market and scale commercialization of the company’s mobile application.
Waldo provides a mobile app that allows companies and individuals in the timber industry – land managers, foresters, loggers, truckers and mills – to track inventory in real time. The platform provides electronic trip tickets, real-time job information, available loads to haul and data analysis.
“Waldo is bringing innovative and needed New World technologies to an Old World industry that is actively looking for this kind of much-needed disruption,” said Varnum partner Zach Meyer, who serves as outside counsel to the company.
Meyer and Varnum associate Conor Boland represented Waldo in the financing round, assisting with capitalization organization and entity conversion, due diligence processing and resolution, transaction documentation negotiation and transaction closing.
“Zach and Conor did a thorough job of negotiating a restructured cap table while meticulously handling documentation through to the closing,” said Waldo CEO Leo Huhta.
“Varnum appropriately advised me, as a first-time founder, through the venture capital process while clearly articulating the risk and reward of each situation,” Huhta said. “From due diligence at the beginning, to the addition of last-minute SAFE agreements at the end, Varnum served as secure counsel for Waldo’s early-stage funding.”