Socialtext Raises Angel Round
Great news. Socialtext closed an Angel round of funding with some really great people, including:
- Reid Hoffman, CEO of LinkedIn and former EVP of Paypal
- Joi Ito, Venture Capitalist with Neoteny
- Mark Pincus, former co-founder, CEO and Chairman of SupportSoft
- Erik Josowitz, former VP of Product Strategy of Vignette
- Oakstone Ventures
- Freedom Technology Ventures
This new funding provides resources to accelerate the development of enterprise social software, improve how we serve our customers, and give customers greater confidence that we will be there for them.
But it's more than that -- it's a network of exceptional people. A little while back, Pete, Adina, Ed and I talked about who we wanted to work with and who we thought "got it." Raising money these days is a challenge, and it says a great deal that were able to do so with the people we wanted. I don't think we could have picked a better group. Here's what Ed Niehaus, general partner of Freedom Technology Ventures LLC said:
"We're proud to back Socialtext's experienced founding team. The company's customers tell us that Socialtext made it simple for them to discover this new flexible communication form, the Wiki, and use it to create, discuss and decide. Such early customer satisfaction is rare for a new business medium, and it makes us confident that the company will have an impact."
Since the end of last year we have accomplished a great deal with relatively few resources. We developed a tremendous advisory board and I must credit Clay, David, Doc, Jerry, Kevin, Mitch, Ward & Zack with keeping us on the wiser track. We now have over 20 enthusiastic customers. Our product is moving beyond being the the first of its kind to one that has had real success advancing teams.
So what's to come? We have a new release of our product soon, but let's not get ahead of ourselves. Mostly its continuing to spend time with customers and focusing on their needs. It sounds a little cliche, but that's what its really all about. Great products develop in social context.