IT startup ManageCore raises $751,000

Blackthorne Partners leads second round

Last updated on August 16th, 2022 at 11:43 am

Brookfield-based private equity firm Blackthorne Partners Ltd. has raised $751,000 for Franklin startup ManageCore LLC.

The funding round was officially launched Dec. 19, and the total amount has been raised by 35 investors, according to an SEC filing.

“It’s a company that we already own, so we we’re just raising additional money for the company,” said Steve Balistreri, managing director at Blackthorne.

ManageCore, an information technology company based in Franklin, was established by two former executives of Brookfield-based Symmetry Corp., Michael Haase and Frank Powell. Blackthorne raised a $1.24 seed round for ManageCore in October 2016, according to an SEC filing.

The company specializes in managing SAP systems, a core application for businesses that controls things such as logistics, human resources and manufacturing processes, but also offers a range of other services. Among them: cloud hosting services, SAP HANA, disaster recovery services, IT managed services and SAP consulting project services.

The new funding round will be used to enhance sales, marketing and staff at ManageCore, Balistreri said.

Powell could not be reached for additional information.

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