Kitchener-based startup Igloo Software, a provider of social business software in the cloud, today announced that it has received $5 million in Series B financing. RBC Venture Partners led this second-round investment, with the Ontario Emerging Technologies Fund also participating.
Igloo was founded in 2008 and was recently named one of the fastest-growing software companies in Canada. IGLOO recorded a record-breaking year in 2011, marked by several achievements, including an 80% increase in license revenue, 60% growth in new enterprise customers, and 144% growth in monthly recurring revenue.
"Social networking for business has reached a watershed moment, with most companies either actively using or evaluating social technologies," said David Unsworth, board member and partner with RBC Venture Partners. "As a pure cloud solution that supports both internal and external collaboration, Igloo is uniquely positioned to not only enable companies to get up and running quickly, but also scale their efforts as their social strategy matures."
"It's been a breakout year for Igloo, fuelled by the tremendous growth from three converging forces in the marketplace—social, mobile and cloud computing," said Dan Latendre, CEO of Igloo Software. "Businesses are seeking to accelerate their investment across each of these areas, and Igloo has become an on-ramp of sorts, as one of the first steps in adopting this new modern IT infrastructure."