SUNNYVALE, Calif. – Interwoven Inc., a developer of enterprise Web production systems that manage the development and arrangement of Web sites, in mid-November raised $7.2 million from a half-dozen venture capital firms.
Foundation Capital led the convertible preferred stock financing followed by Accel Partners, Integral Capital Partners, Draper Fisher Jurvetson, JK&B Capital and Charter Ventures.
Proceeds will be used for expanding sales and marketing both in the United States and internationally.
Interwoven’s flagship product, TeamSite, allows users to manage content and workflow for enterprise Web site production.
Customers of Interwoven’s TeamSite include the Los Angeles Times, Cisco Systems, Federal Express, GeoCities and Ford Credit.
An Interwoven spokesperson said that Web sites, once considered unique but not vital to an organization’s success, have become of paramount importance in today’s business environment. For Interwoven, that translates into “the beginning slope of a very large market,” the spokesperson said.
Interwoven held its Series A seed round in 1996, raising $350,000 from individual investors and Draper Fisher Jurvetson. The company held its second round in May 1997, raising $3.5 million led by JK&B Capital.
Interwoven’s $6.7 million third round was held in April 1998 and was led by Foundation Capital. Including its most recent financing, Interwoven has raised $17.6 million in private capital.