SupportPay, which was introduced Thursday as the latest company recruited to the Sacramento region by the Greater Sacramento Area Economic Council, is leasing space at a former tomato canning plant in East Sacramento known as The Cannery.
The company, which offers an app for monitoring child-related expenses and transacting child-support payments, relocated to the building from Santa Clara on Aug. 24. SupportPay now has 13 employees and plans to add up to 300 over the next three years, founder and CEO Sheri Atwood said at a press conference Thursday. It was founded in 2011.
The company is generating annual revenue of about $2 million. It hopes to achieve $300 million in annual revenue in the next three years, Atwood said. She said that company’s cloud-based service will tap into a $6 billion market for services to state governments to process child support.
The states “need a modern approach, something based in the cloud,” Atwood said.
Developer Mark Friedman described the startup as a poster child for the kind of high-tech firms that he hopes will fill the 50,000 square feet of available space at The Cannery, a mixed-use development with a modernized industrial design.
SupportPay is “innovative and rapidly growing,” said Friedman, president ofFulcrum Property, a management company that operates The Cannery.
“It benefits from being in Sacramento because so much of its business involves understanding regulations and understanding the legal system,” he said.
Friedman also is a board member of the Greater Sacramento Area Economic Council.
Fulcrum is finalizing leases with several other technology firms to occupy the remaining 40,000 square feet of available space at The Cannery.
SupportPay will take 6,000 square feet, with an option to expand to 10,000 square feet.
The company is currently trying to raise $5 million in a series A venture capital round, Atwood said. Investors in the round include San Mateo-based Draper Associates, cloud computing pioneer Salesforce.com Inc. and Sacramento venture capitalist Dave Sanders.
The Cannery is located at Alhambra and Stockton boulevards. Most of the space is occupied by a satellite office of University of California Davis, where it operates a telemedicine unit, Friedman said.