Flywheel Fund Participates in Folia’s $2 Million Funding Round – The Bloomingtonian

The following press release was sent to The Bloomingtonian on Wednesday:

May 25, 2022

For more information please contact:

Pat East, Executive Director, The Mill, [email protected] or 317.965.2155

Ravi Bhatt, CEO, Folia, [email protected]

Flywheel Fund Participates in Folia’s $2 Million Funding Round

Bloomington, Indiana—Flywheel Fund, a member-driven equity fund managed by The Mill, today announced a $50,000 investment in Folia, as part of a $2 million seed round led by IU Ventures, with participation from the IU Angel Network and the IU Philanthropic Venture Fund, as well as Elevate Ventures. Folia’s digital collaboration platform and tools improve organizational productivity and security while reducing economic and environmental costs.

Brian Hatton, Venture Partner for Flywheel Fund, said, “Folia solves a longstanding organizational challenge that has been exacerbated by the rise of remote working: how to build shared knowledge. Folia’s tools allow organizations to gather and share valuable information from a wide range of sources, while gathering team insights into that information in real time, in a secure, easy-to-use interface. One result, of course, is that you get this awesome repository of content. But what you’re really building is a powerful, paperless workflow of research, analysis, dialogue, decision-making, and continuous improvement. Folia already has significant traction in the market, and we believe they are well positioned for expansion.

Folia’s iAnnotate tool already has more than one million users in industries such as education, law and finance. Folia’s ability to track feedback revisions from release to release is also appealing to users in creative areas such as storyboarding and design.

Pat East, executive director of The Mill, the non-profit center for entrepreneurship that runs the Flywheel Fund, said: “As an investment fund, we are constantly doing research and due diligence and taking notes on what we discover to inform our decision-making on where to invest. We can therefore immediately understand the need for Folia’s software and its market potential. We are excited to invest in Folia, and even more excited to see Folia move into Bloomington and plan to significantly increase its workforce here.

Co-founder and CEO Ravi Bhatt recently moved from Chicago to Bloomington, where he earned a degree in cognitive science at Indiana University. Co-Founder and COO Erik Coyne is a Bloomington native and former Colonel in the US Air Force. Both Bhatt and Coyne are lawyers and have experienced first-hand the need for better markup tools in the legal industry. Additionally, Coyne’s experience at the Pentagon gave him a unique perspective, he said, on the many benefits — safety, environment, efficiency — of eliminating reliance on paper.

Bhatt said, “We are excited to work with Flywheel to expand our vision of a paperless working life and help businesses collaborate more effectively in the modern office. It’s also fantastic to see the impact that Pat, Brian and their team are having on our local startup community. It’s no small feat to launch a member-run seed fund. Harder still to grow the program year after year and become one of the top matchmakers (for investors, founders, and tech enthusiasts) in the state.

Folia will use the investment funds to expand its marketing, sales and development teams and engage more businesses in the paperless movement.

About Flywheel Fund

Flywheel Fund is a member-managed capital fund for early-stage and high-potential Indiana-based startups, with a particular focus on startups based in Bloomington and southern Indiana.

About the mill

The Mill is the heart of southern Indiana’s entrepreneurial ecosystem and its largest coworking space. The Mill’s mission is to drive Bloomington’s innovation economy by launching and accelerating startups, and its vision is to become Indiana’s center of gravity for entrepreneurship.


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