SAN FRANCISCO, CA--(Marketwire - June 10, 2010) - Crowdcast, the leading provider of Social BI (SBI) solutions, today announced the closing of a $6 million round of Series A financing led by Menlo Ventures, with a follow-on investment from Alsop-Louie Partners.
This round of funding will accelerate sales and marketing efforts for Crowdcast's Social BI platform and expand integration programs with complementary enterprise solutions and channel partners.
Crowdcast's vision for the emergent Social BI space is based on three key pillars:
- Empower employees to participate in sharing and socializing insight on what's planned and what the outcome of business activities will be;
- Fundamentally change the sources executives use to make business decisions by mining previously unavailable insight from across the organization to achieve unprecedented accuracy in business planning and forecasting;
- Enable leaders to tap the social intelligence of their workplaces to improve business intelligence and business decisions.
"Global 2,000 companies recognize that Social BI is a business imperative, and there's a clear opportunity to meet the need of this new marketplace," said Mat Fogarty, CEO of Crowdcast. "Since we launched our product in June 2009, we've already seen significant improvements for our customers' business operations, as well as support from partners like SAP. With this investment from Menlo Ventures, Crowdcast will expand its visibility and continue research and development around the evolving Social BI space and the companies we serve."
"Social BI will be a major enterprise software category and Crowdcast will lead the way," said Sonja Hoel Perkins, managing director at Menlo Ventures. "This new market addresses a fundamental business need -- much better business insight and forecasting. We are excited about Crowdcast as they innovate in this high-value category."
In the past six months, Crowdcast has launched the Executive Dashboard, designed to help decision-makers analyze employee forecasts, and has also announced partnerships with SAP® BusinessObjects™ GRC Solutions, Brightidea and Peer Insight. The company also brought on Bobbi Frioli as VP of Global Sales and Strategy to drive Crowdcast's global sales program.
About Crowdcast
Crowdcast leads the Social BI market, bridging the gap between traditional business intelligence and enterprise social network applications. Crowdcast provides a new outlet that aligns people and purpose, where insight, plans and experience come together, creating insanely accurate business outcomes. Some of the world's most innovative companies rely on Crowdcast to improve project and portfolio management and to uncover and mitigate strategic and operational risk. Now future business is everyone's business. For more information, visit http://www.crowdcast.com.
Follow Crowdcast on Twitter: http://twitter.com/crowdcastinc
Read the Crowdcast blog: http://crowdcast.com/blog/
Contact Information:
Contact:
Dana Zemack or Megan Soto
LaunchSquad
Crowdcast@launchsquad.com
415-625-8555