$1.4 Million Investment Complemented by Board Addition of Om Malik
SAN FRANCISCO--(Business Wire)--
Socialcast, a leading provider of on demand social business communication
software, today announced it has secured $1 million in Series A venture capital
funding from True Ventures (www.trueventures.com). The investment will help
Socialcast meet growing demand for its private online communities that companies
use to quickly and easily share questions and ideas, find information and
resources, and collaborate in real time. An additional $400,000 was also raised
from angel investors. With this investment, Socialcast will be moving its
headquarters to San Francisco this summer.
"We are very pleased to be the first institutional investor in Socialcast," said
Phil Black, a co-founder of True Ventures. "We were drawn to this company
because Timothy Young is a very dynamic entrepreneurial founder whose company is
exploiting a rapidly growing niche in the corporate market: social media for the
enterprise. The company's software platform already has some impressive customer
deployments and we look forward to working with Timothy and the team here in San
Francisco."
As part of the funding, Om Malik, a venture partner at True Ventures, will join
Socialcast`s Board of Directors. Om Malik is also the founder of GigaOm.
"We went with True Ventures because of their entrepreneurial DNA. The True team
is comprised of former or current startup chiefs and that gave us a tremendous
amount of confidence to move forward," said Timothy Young, founder and CEO,
Socialcast. "This investment, and the experience and strong leadership of our
new strategic partners positions us very well to capitalize on the growing need
for enterprise-wide collaboration, sharing and discovery platforms that empower
employees to expand, create and share knowledge across the enterprise."
Socialcast`s on-demand platform provides businesses of all sizes with a way to
communicate, capture and share the knowledge of their employees in real-time.
Socialcast includes features such as microsharing, mobile access, integration
with Gmail and Jabber, and the ability for users to import activity from
third-party services, including Twitter and YouTube.
Companies can sign up for Socialcast`s Web-based application directly online, or
call 1-877-WEB-20 to set up a free pilot program. To learn more about Socialcast
or to see a live demo, please visit http://www.socialcast.com or
http://demo.socialcast.com.
About Socialcast
As a proven, successful leader in the business social networking arena,
Socialcast puts an entire company`s brain to work with its on-demand corporate
social networks. Socialcast technology unites traditional intranet features with
social networking functionality and a variety of web feeds and tools to solve
the problems of knowledge silos, generation gaps in the workplace and
collaboration across geographic boundaries.
About True Ventures
True Ventures invests in promising entrepreneurs at the earliest stages in the
highest-growth segments of the technology market. The Partners at True have
started over ten companies as founders, and True is designed by entrepreneurs,
for entrepreneurs. The firm clearly understands both opportunities and
challenges in the earliest stage of development and provides young companies
with a powerful, seasoned partner.
Socialcast
Brooke Van Natta, 949-636-8787
brooke@socialcast.com
Copyright Business Wire 2009
