ProfitLine Raises $5M

San Diego-based ProfitLine said this morning that it has raised an additional tranche in its Series A funding round from existing investor Menlo Ventures. The $5M funding brings its total Series A funding to $17M. The company said that it would use the funding to expand the company's sales and marketing of its Web-based application for telecom expense management, as well as for targeted acquisitions. As part of the funding, the company has acquired Tallgrass Solutions, a developer of technology in the telecom expense management space. ProfitLine raised its initial $12M in Series A funding from Menlo in June of 2002. More information »