Providence tech startup Swipely, which has grown significantly since it was launched in 2009, says a new infusion of $20 million in venture capital funding will enable it to continue expanding a small spark of Silicon Valley in Rhode Island.
"The intent is to use those funds to continue to aggressively growing the team in all our areas, including our engineering team, our marketing and sales team, and other departments within the company," Swipely founder Angus Davis said during a news conference Thursday morning.
Residents of West Warwick have passed a town budget that scales back services and raises taxes as part of an effort to avoid a financial crisis. The move is a early step for the town's path to fiscal stability.
The $86.3 million budget comes with plenty of concessions, including cuts in town programs, a 2.9 percent increase in property taxes, and reductions to public employee pensions. But town manager Frederick Presley said the concessions are necessary if West Warwick wants to avoid bankruptcy.
Democratic gubernatorial candidate Gina Raimondo says the state needs to streamline and modernize regulations to encourage entrepreneurs.
Speaking at Foolproof Brewing in Pawtucket, Raimondo cited the company as part of Rhode Island’s growing craft-brewing sector. But Raimondo says startups like Foolproof are succeeding in spite of excessive and antiquated regulations. She says entrepreneurs are sometimes left feeling like they’ve done something wrong after filling out government applications and permits.
A conservative-leaning think tank says Rhode Island spends more than 220 million dollars each year on what it calls non-essential state services. The Rhode Island Center for Freedom and Prosperity says cutting this spending would improve Rhode Island’s economy.