Arkansas Business: Bentonville company getting millions in investor funding

    8:07 AM, Apr 3, 2013   |    comments
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    LITTLE ROCK, Ark. (Arkansas Business) -- The Dow reaching a new record high Tuesday after reports on auto sales and factory orders provided the latest evidence that the U.S. economy is strengthening.

    Solid March sales from U.S. automakers

    The trading day beginning with solid March sales reports from U.S. automakers.

    Chrysler said it sold more cars and trucks than in any month since the Great Recession began, an increase of five percent.

    Sales for General Motors and Ford rose six percent.

    Meanwhile, orders to U.S. factories rose three percent in February, the best gain in five months.

    The increase was driven by a surge in demand for commercial aircraft.

    Bentonville company getting millions in investor funding

    Here in Arkansas, a Bentonville-based company called Collective Bias getting a $10.5 million round of investor funding.

    Updata Partners of Washington D.C. led the investment round and the financing, which will help Collective Bias continue to expand and grow its technology platform. Collective Bias was founded in 2009 and now has offices in New York City, Chicago, London and elsewhere.

    The company is shopper-oriented social marketing and advertising firm that uses social media.

    Its clients include Tyson Foods Inc. and Nestle. The company's revenues for 2012 were between $7 million and $8 million.

    Victory for Big River Steel project in Legislature

    And finally, a victory for the Big River Steel project in the state Legislature yesterday.

    The state Senate's Committee on Agriculture, Forestry and Economic Development approved Gov. Mike Beebe's proposal to provide the proposed steel plant with $125 million in state financing.

    The legislation would authorize Arkansas to issue the bonds to provide a loan and pay some of the construction costs of a $1.1 billion steel facility set for Osceola in Mississippi County.

    Big River Steel is promising to create at least 525 permanent jobs.

    Officials with Nucor Steel in nearby Blytheville have opposed the plan - saying the steel industry can't absorb another mill.

    Still, legislative leaders, and even the State Chamber of Commerce, have announced their support for the project.

    The measure now goes to the full House.

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