LOUISVILLE - Switch Labs Inc., doing business as Bounce.io, closed recently on a $4.8 million round of Series A funding.

Boulder-based Foundry Group and Bullet Time Ventures participated in the round along with SK Ventures. A previous convertible note from angel investors was also rolled into the round.

Scott Brown, founder and chief executive of Louisville-based Bounce.io, said the money will be used to continue driving growth and market capture.

Founded in January of last year, Bounce.io turns bounced e-mail into a revenue stream for domain owners, Internet service providers and mailbox providers. If you send an e-mail and mistype the recipient's address, for instance, you might normally receive a garbled text notification that the message didn't go through. If your mailbox provider is using Bounce.io, however, that bounced e-mail is first routed to Bounce.io, which turns it into a cleaner-looking e-mail, inserts an advertisement and then sends it your way.

Bounce.io handles about 22 million parked, or unused, domains, a segment that Brown said the company largely has wrapped up. With the new funding round, Bounce.io will look to continue increasing its presence with ISPs and mailbox providers. The company currently handles bounced e-mail for providers of about 40 percent of U.S. broadband households.

"That's our big focus these days," Brown said.

Bounce.io doesn't disclose revenue information.

The company employs 10 people, and Brown said it could be adding as many as 10 more over the next year or two.

"We found an amazing market, and we've been able to grow really fast," Brown said.