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Efactory clients created more than 280 jobs in 2020, according to the business incubator's annual report.
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Efactory clients created more than 280 jobs in 2020, according to the business incubator's annual report.

Efactory clients secured $17M in capital, equity last year

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Amid an atypical year brought on by the coronavirus pandemic, clients of the Efactory secured $17 million in capital and equity.

The downtown business incubator's 2020 report additionally indicates client companies created over 280 jobs last year. For example, Efactory client Compatio LLC, an e-commerce software developer, recently announced it raised $1.5 million in a seed round. That brings its fundraising up to $2.4 million to date, according to past reporting.

Additionally, 2020 statistics from the Efactory include:
• a dozen incubator client graduations;
• more than 25 business starts assisted by the incubator's staff; and
• $5 million in research and grant funds secured.

However, compared with the Efactory's 2019 report, economic development figures softened in 2020. Clients in 2019 secured $26 million in capital and equity and created more than 290 jobs, according to the prior year report.

During 2020, Efactory officials say they worked with the mantra of, "even when it feels like everything has changed, our purpose remains the same."

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