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Socialcast Announces Series A Venture Funding from True Ventures, Angels
April 6th, 2009 No comments
$1.4 Million Investment Complemented by Board Addition of Om Malik
SAN FRANCISCO Socialcast, a leading provider of on demand social business communication software, today announced it has secured $1 million in Series A venture capital funding from True Ventures (www.trueventures.com). The investment will help Socialcast meet growing demand for its private online communities that companies use to quickly and easily share questions and ideas, find information and resources, and collaborate in real time. An additional $400,000 was also raised from angel investors. With this investment, Socialcast will be moving its headquarters to San Francisco this summer.
“We are very pleased to be the first institutional investor in Socialcast,” said Phil Black, a co-founder of True Ventures. “We were drawn to this company because Timothy Young is a very dynamic entrepreneurial founder whose company is exploiting a rapidly growing niche in the corporate market: social media for the enterprise. The company’s software platform already has some impressive customer deployments and we look forward to working with Timothy and the team here in San Francisco.”
As part of the funding, Om Malik, a venture partner at True Ventures, will join Socialcast’s Board of Directors. Om Malik is also the founder of GigaOm.
“We went with True Ventures because of their entrepreneurial DNA. The True team is comprised of former or current startup chiefs and that gave us a tremendous amount of confidence to move forward,” said Timothy Young, founder and CEO, Socialcast. “This investment, and the experience and strong leadership of our new strategic partners positions us very well to capitalize on the growing need for enterprise-wide collaboration, sharing and discovery platforms that empower employees to expand, create and share knowledge across the enterprise.”
Socialcast’s on-demand platform provides businesses of all sizes with a way to communicate, capture and share the knowledge of their employees in real-time. Socialcast includes features such as microsharing, mobile access, integration with Gmail and Jabber, and the ability for users to import activity from third-party services, including Twitter and YouTube.
Companies can sign up for Socialcast’s Web-based application directly online, or call 1-877-WEB-20 to set up a free pilot program. To learn more about Socialcast or to see a live demo, please visit http://www.socialcast.com or http://demo.socialcast.com.
About Socialcast
As a proven, successful leader in the business social networking arena, Socialcast puts an entire company’s brain to work with its on-demand corporate social networks. Socialcast technology unites traditional intranet features with social networking functionality and a variety of web feeds and tools to solve the problems of knowledge silos, generation gaps in the workplace and collaboration across geographic boundaries.
About True Ventures
True Ventures invests in promising entrepreneurs at the earliest stages in the highest-growth segments of the technology market. The Partners at True have started over ten companies as founders, and True is designed by entrepreneurs, for entrepreneurs. The firm clearly understands both opportunities and challenges in the earliest stage of development and provides young companies with a powerful, seasoned partner.
Source: Socialcast
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