Red Condor, a Rohnert Park, Calif. anti-email spam company, has raised an additional $7.7 million in a first round of funding led by venture capital firms ATA Ventures and RWI Ventures. It included $2 million in debt, from Square 1 Bank.
See the company’s statement here.
The company launched four years ago, but is still not profitable. Red Condor previously raised $2.8 million in the first phase of its first round last year. With so many competitors, its hard to see how Red Condor distinguishes itself.
According to VentureWire (subscription required), the company was valued at $14 million after the investment. Red Condor said it has about 75,000 customers for its Web hosted service, which costs $2 per mailbox, per month. Its “appliance” service, which companies can buy and manage themselves, has about 200,000 users — and costs $15,000 for the first year and $7,000 annually after that.
