SupportPay, the first and only platform to automate child support payments and related expenses, announced that it has closed a heavily oversubscribed seed round. The startup raised over $1,100,000 from many of Silicon Valley’s most well-respected Angel and corporate investment groups. Draper Associates, Tim Draper’s angel investment fund, led the round, which was joined byTEC Ventures, Broadway Angels, Aspect Ventures, RPM Ventures and salesforce.com, as well as several other influential angel investors.
Managing child support payments sucks. Even when divorces are amicable, the process of figuring out who pays for what when it comes to raising a child can be devastatingly difficult. Looking to make the process just a little bit easier, Sheri Atwood, a former executive at Symantec and the founder of Ittavi, has raised $1.1 million for SupportPay, a child support payment management service. The seed round was led by Draper Associates, the personal investment arm of DFJ co-founder Tim Draper, along with Broadway Angels and Aspect Ventures – the new investment firm launched by former DFJ managing director Jennifer Fonstad and Theresia Gouw, a partner with Accel Partners. Additional support came from several prominent angel investors in Silicon Valley.
