A New Brunswick-based startup that includes several key employees formerly with Radian 6 and Salesforce.com has announced a $3 million funding round that includes Salesforce among other investors.
Introhive started operations just last year, offering a Web-based software solution that promises to help companies unlock sales leads through already-existing connections of their staff. In February, it added Salesforce.com executives and former Radian6 employees Richard McInnis, David Alston, and Rob Begg to its growing team. Salesforce, a San Francisco-based software firm is added to Introhive’s list of prior investors today along with Build Ventures, CIT GAP, Fortify VC, Growthworks Atlantic and NBIF. Introhive announced the funding in a blog post and a press release this morning.
“The total funding to date is $5 million,” says Begg, vice-president of marketing at Introhive. “But we’re not breaking out the specifics.”
According to its Crunchbase profile, Introhive has previously raised a $1.5 million Series B funding round, a $1.8 million Series A funding round, and initial seed funding.
The new money will be put towards expanding sales and marketing initiatives at Introhive. The sales team recently grew from one executive to a four person team, Begg says. The platform has seen a good run signing up users since the spring, including Enterasys Networks Inc., a secure networking solutions firm. It also counts several mid-size software firms and some financial services companies among its clients.
In June, Introhive made its software available on Salesforce.com’s AppExchange, which offers third-party applications that will integrate into the Web-based customer relationship management software. Introhive also integrates with Chatter, Salesforce.com’s social software for internal company communications.
Since acquiring Radian6 in 2011, Salesforce.com has integrated that New Brunswick-based firm into its marketing cloud offering. Is it possible Introhive could be following a similar path?
“It’s so early to even speculate on something like that,” Begg says. “We’re on the early part of our journey… we’re so far away from considering an exit.”
The Introhive team also includes many former Research In Motion employees.