Waterloo's IGLOO announced today that they've closed a US $4 million equity financing round from RBC Venture Partners. IGLOO's software as a service (SaaS) model provides a suite of Web 2.0 and Facebook-like services for firms, allowing their employees to improve in-house communications and share information. The financing will enable IGLOO to extend and commercialize its suite of collaborative social networking tools. The Globe and Mail picked up the news quickly thanks to a Research in Motion connection.
Dozens of technology startups ache to make a name for themselves in the social networking game, but only one has Research In Motion Ltd. co-chief executive officer Jim Balsillie on its board. For Igloo Inc., a Waterloo, Ont.-based company that develops corporate social networking software, Mr. Balsillie's involvement is the difference between obscurity and instant credibility.