IGLOO Software said Thursday that it has raised $5 million in series B financing with RBC Venture Partners leading the round. Ontario Emerging Technologies Fund also participated. IGLOO provides social business software in the cloud.
IGLOO Software, a leading provider of social business software in the cloud, today announced that it has received $5 million in Series B financing. RBC Venture Partners led the second round investment, with the Ontario Emerging Technologies Fund (OETF) also participating.
“Social networking for business has reached a watershed moment, with most companies either actively using or evaluating social technologies,” said David Unsworth, board member and partner with RBC Venture Partners. “As a pure cloud solution that supports both internal and external collaboration, IGLOO is uniquely positioned to not only enable companies to get up and running quickly, but also scale their efforts as their social strategy matures.”
IGLOO’s customer base spans six continents, with operations in the United States, Canada and EMEA. The proceeds of this investment will be used to expand the business, accelerate product development, significantly grow its ecosystem of partners and broaden its reach, in order to satisfy global demand for its cloud collaboration services.
“It’s been a breakout year for IGLOO, fuelled by the tremendous growth from three converging forces in the marketplace – social, mobile and cloud computing,” said Dan Latendre, CEO of IGLOO Software. “Businesses are seeking to accelerate their investment across each of these areas, and IGLOO has become an on-ramp of sorts, as one of the first steps in adopting this new modern IT infrastructure.”
IGLOO continues to demonstrate rapid growth, since its inception as a private company in 2008, and was recently named one of the fastest-growing software companies in Canada. IGLOO recorded a record-breaking year in 2011, marked by the following achievements:
80 percent increase in license revenue with 60% of revenue influenced by partners
Over 4,000 global collaboration sites with 60% growth in new enterprise customers
144 percent growth in monthly recurring revenue (MRR)
Positioned in Gartner’s Magic Quadrant for both Social Software in the Workplace (SSW) and Externally Facing Social Software (EFSS)
5 major product releases throughout the year with significant advancements in group collaboration, content moderation, security and gamification
Named former Microsoft Canada Chief Marketing Officer (CMO), Andrew Dixon, to the senior leadership team
About IGLOO Software
IGLOO’s social business software is the fastest way to enable modern business collaboration. Delivered purely in the cloud, IGLOO empowers your people to become more productive, responsive and agile. That is why world-class companies such as Cisco, Thomson Reuters Aranzadi, Deloitte and the ATP World Tour, choose IGLOO. Learn more at www.igloosoftware.com.
About RBC Venture Partners
RBC Venture Partners™ is a wholly-owned subsidiary of Royal Bank of Canada. Royal Bank of Canada (TSX, NYSE: RY), and its subsidiaries operate under the master brand name of RBC Financial Group (RBC). RBC is Canada’s largest bank as measured by assets and market capitalization and one of North America’s leading diversified financial services companies. They provide personal and commercial banking, wealth management services, insurance and corporate and investment banking on a global basis. Their corporate support team enables business growth with expert professional advice and state of the art processes and technology. RBC employs approximately 70,000 full and part-time employees who serve more than 14 million personal, business and public sector clients throughout offices in North America and some 30 countries around the world. For more information see http://www.rbc.com/vp/.
About Ontario Emerging Technologies Fund (OETF)
The Ontario Emerging Technologies Fund (OETF) is a direct investment fund established by the Province of Ontario in 2009. The OETF assists in raising capital by innovative, private, Ontario-based companies in the clean technology, life sciences and advanced health technologies, and digital media and information and communications technology sectors. The Fund is managed by the Ontario Capital Growth Corporation (OCGC), an agency of the Ontario Ministry of Research and Innovation. OCGC has retained the services of Covington Capital Corporation and Northwater Capital Management Inc. to evaluate applications in relation to OETF. More information on OETF call 416-325-6874 or 1-877-422-5818 or visit: http://www.ocgc.gov.on.ca/site/en/funds/ontario-emerging-technologies-fund/
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