Huddle takes funding total to $40 million
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Content management software business Huddle has closed its third fundraising round as it looks to continue a trend which has seen the business triple in size each year since its launch in 2006.
San Francisco and London-based Huddle, which provides cloud-based file sharing and storage, content management and collaboration software has netted $24 million (£15.3 million) as part of its Series C round of funding, with Californian firm Jafco Ventures leading the transaction.
Also participating in the round are US-based DAG Ventures alongside existing investors Matrix Partners and Eden Ventures. Angel backers including founder of WebEx, Subrah Iyar, and venture investor Herb Madan also contributed.
The $24 million commitment takes Huddle's total equity funding since its launch to nearly $40 million dollars. Previous rounds came via a $10.2 million deal in May 2010 and $4 million in November 2007.
Alastair Mitchell, co-founder and CEO of Huddle, says the the reason behind the company's success is because it makes the 'best use out of information'.
He adds, 'Huddle is revolutionising the ECM market by making it collaborative, social, ubiquitiously accessible and - above all - intelligent.
'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.'
In the five years since the company was founded, Huddle has secured customers such as Procter & Gamble, Saatchi & Saatchi, NASA and PwC. Some 100,000 worldwide use Huddle's services.
Tom Mawhinney, general partner at Jafco Ventures, says that Huddle's entrepreneurial team has ensured that the company has gained 'significant' momentum in the marketplace.