Huddle, the leader in enterprise content collaboration, today announced that it has completed a $24 million Series C round of funding and will use the capital to bring intelligent collaboration to organizations across the globe. With the additional funds, Huddle will drive the transformation of the enterprise content management (ECM) and social software markets and continue its rapid growth that has seen the business triple in size each year since launch.
The financing was led by Jafco Ventures, with participation from DAG Ventures and existing investors Matrix Partners and Eden Ventures. Subrah Iyar, the founder of WebEx, and experienced venture investor Herb Madan also participated in the round. Following four quarters of record growth in 2011 and sales to enterprise customers increasing fivefold, Huddle has now raised $40 million in equity funding since the product’s launch in 2007. Co-headquartered in London and San Francisco with customers in 180 countries worldwide, Huddle launched operations in New York City this month to better serve its major enterprise customers on the U.S. East Coast.
People in more than 100,000 organizations worldwide use Huddle to securely store, discover, share and collaborate on content in the cloud, on any device, with teams inside and outside the firewall. Huddle’s customer list includes brands such as Procter & Gamble, Saatchi & Saatchi, NASA, PwC, Rockwell Automation and 80 percent of the Fortune 500. Last quarter, the company unveiled Huddle Sync, the world’s first intelligent file synchronization platform for the enterprise.
“In today’s knowledge economy, the most successful companies are those that make the best use of information. Yet traditional ECM systems are failing to support the new ways in which people are now sharing information and working together. These systems were designed for content storage, not collaboration; for servers – not for the cloud,” said Alastair Mitchell, co-founder and CEO, Huddle. “Huddle is revolutionizing the ECM market by making it collaborative, social, ubiquitously accessible and – above all – intelligent. Our intelligent collaboration platform opens up content silos across the global enterprise ecosystem, enabling people to share, discover and work on content wherever, whenever and with whomever they need to. We’re growing incredibly fast and we’re excited that we have been able to bring on board a roster of world-class investors to help us on our journey transforming this $25 billion industry.”
According to Tom Mawhinney, General Partner at Jafco Ventures, intelligence is going to become a must-have attribute for enterprise content management software. This shift will be driven by the rapid growth in the amount of content being created and the evolution of the enterprise from a single isolated entity into a virtual ecosystem of customers, partners and suppliers.
“The intelligence in Huddle’s content collaboration software helps people and organizations discover valuable information that they never knew existed. We see intelligent features becoming as important, if not more so, than social features and we’re delighted to be supporting a company that is revolutionizing enterprise technology. Huddle’s strong, entrepreneurial team has already ensured that the company has gained significant momentum in the marketplace and I’m looking forward to the next stage of the company’s expansion.”
“Major trends like the consumerization of IT, cloud and the increased use of mobile devices by knowledge workers is forcing enterprises of all sizes to re-think how they create, store, access and share information,” said Martin Schneider, research manager with technology analysis firm 451 Research. “Companies like Huddle understand this change – and help address the needs of the modern workplace by offering up simple tools to foster collaboration and information sharing in ways that can break down departmental silos, increase employee productivity and simply help companies deal with the changing nature of how we work as individuals and teams.”
Huddle was advised on legal matters by Orrick, Herrington & Sutcliffe LLP on the transaction.