Studio Science lands growth investment
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Indianapolis-based Studio Science has secured a growth capital investment, the design and innovation consultancy announced Tuesday. While a specific dollar amount was not disclosed, the firm said the funding will be used to expand its core business areas and add dozens of jobs over the next several years.
The capital investment comes from Inoca Capital Partners, a private equity firm based in Park City, Utah.
Studio Science, founded in 1998 and headquartered on Monument Circle in downtown Indy, has developed a platform designed to help businesses build their brands, digital products and services.
The company said the funding infusion will also support the build-out of its e-commerce experience business, which has grown by 200% over the past year.
“The company’s unique combination of design and technology – along with their new services focused on Salesforce Commerce Cloud – have the potential to provide outsized value to businesses and capture a large piece of the multibillion-dollar creative/digital services and technology system integrator markets,” Chris Sheffert, managing director and founder Inoca Capital Partners, said in a news release.
As a result of the funding, Sheffert will join the Studio Science Board of Directors, along with Inoca Capital Operating Advisor Dan Rudolph and former Lyons Consulting Group CEO Rich Lyons.
The company said it expects strong, double-digit revenue growth “over the coming years.”
Studio Science currently employs 43 people across 10 states, including 31 in Indiana. CEO Steve Pruden said the company will retain its Monument Circle headquarters and the new jobs will be based in the Indy metro area and nationwide.
“Indianapolis has been our home and the center of our growth for 25 years,” Pruden said. “We will continue to harness the creative and technical talent in the city and are proud to call Indianapolis our headquarters.”
Pruden was named CEO of Studio Science in 2018. The following year, the company announced its ownership was transitioning from founder Kristian Andersen to a group of investors led by Pruden.