IGLOO Software, a provider of cloud-based social business software, has announced that the company 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