RunSignUp, an online race management platform, sealed a $1 million capital investment by Bob Bickel, the founder and owner of the company.
The purpose of the investment is to assure sufficient capital in light of the legal expenses from the Active Network lawsuits against 1N3 and TMT, said the company.
Active Network LLC is in the process of adding RunSignUp to an existing suit against TMT Productions LLC for for allegedly misappropriating Active proprietary information.
RunSignUp explained that the new investment fits with its strategy of scalable growth without dependence on outside investors.
“We want to make sure that RunSignUp continues to have leading technology and service for 14,000-plus races who use us,” said Bickel. “Our growth has led to a very strong business, with good cash flow. The legal expenses have become larger than our monthly cash flow recently with increased legal activity such as depositions and document searches. I’ve decided to invest an additional $1 Million to make sure we have plenty of cash to defend ourselves, and make sure we are not short-changing our employees or customers.”
Some of the races and retailers using the service include Road Race, Crim Festival of Races, Pittsburgh Three Rivers Marathon Inc., Fifth Third River Bank Run, Blacklight Run, Bubble Run, Night Nation, Mercedes Marathon, Kentucky Derby Festival, Leone Timing, KC Running Company, Compuscore Timing, Knoxville Track Club, Pikes Peak Road Runners, Gulf Coast Runners, Columbus Running Company, Playmakers Running Store and others.
