Huddle raises £15.3m in series C funding round
"Intelligent" enterprise content management attracts investment
By Sophie Curtis | Techworld | Published: 16:35, 24 May 2012
British cloud-based content collaboration firm Huddle announced today that it has raised $24 million (£15.3m) in its Series C round of funding.
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.
The company said it will use the capital to bring intelligent collaboration to organisations across the globe.
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Huddle is one of the real Tech City success stories. Since the product’s launch in 2007, Huddle has raised $40 million (£25.5m) in equity funding and has tripled in size each year.
Co-headquartered in London and San Francisco and with offices in New York, Huddle’s customers include 80 percent of the Fortune 500 and 75 percent of UK central government, as well as companies such as Procter & Gamble, Saatchi & Saatchi, NASA, PwC and Rockwell Automation.
Huddle’s enterprise content management (ECM) platform enables organisations to store, share and work on content with colleagues and partners securely in the cloud. Earlier this year, the company unveiled a new file synchronisation tool called Huddle Sync, which the company describes as a “Dropbox for the enterprise”.
The patent-pending technology allows everyone in an organisation to securely access company files, and syncs relevant documents onto their desktop and mobile devices using algorithms linked to their actions in Huddle. This means that workers can access the files they need without consuming large amounts of bandwidth.
“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.
Mitchell said that Huddle is helping to make the ECM market more collaborative, social and accessible. “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,” he said.
Tom Mawhinney, General Partner at Jafco Ventures, said that intelligence is going to become a essential attribute for enterprise content management software, driven by the explosion of content and greater collaboration among customers, partners and suppliers.
“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 revolutionising enterprise technology,” he said.