Software firm TST Media said on Tuesday it secured $3.5 million in venture capital in its latest investment round.

The Minneapolis-based company said the money will go toward developing new software, hiring employees and growing existing business partnerships.

TST Media sells a platform called NGIN, which is used by sports teams to run websites, process payments and for social networking.

“This fundraising is a transformational event for TST Media as it provides us with the resources needed to execute a calculated and explosive growth plan,” said CEO Justin Kaufenberg.

TST Media said it plans to add more than 20 new positions this year and expand its office space.

The financing was led by El Dorado Ventures, which has offices in Menlo Park, California and Minnetonka.

Jeff Hinck, the firm’s general partner, said he believes the sports technology market presents a “significant opportunity.”

“We invest in companies with great leadership teams who have created game changing technologies in big markets,” Hinck said. “We believe we’re invested in the company that is on its way to owning this space.”

TST Media said it has 2,000 clients in the U.S. and abroad.