Deals

Social enterprise startup Igloo raises a cold $5M

igloo-funding

Did you know that if you add “social” and “enterprise” and “mobile” and “cloud,” you get $5 million dollars? It’s crazy!

The crazy kids at Igloo Software have signed a $5 million dollar funding deal; it’s the company’s second institutional round, with money coming in from RBC Venture Partners (the “RBC” stands for Royal Bank of Canada) and the Ontario Emerging Technologies Fund (OETF).

Igloo makes social intranets and extranets for businesses, so the company is elbow deep in some of the hottest verticals in technology, including mobile and cloud. The startup’s goal is “to radically transform communication and collaboration at work.”

The company’s software lets companies set up internal “Workplace Communities” for team collaboration, knowledge-sharing, and goal-tracking. It also makes “Marketplace Communities” for businesses to handle external relationships with clients and vendors.

During 2011, Igloo tells us that they achieved some good numbers — such as an 80 percent increase in software licensing revenue, a 60 percent increase in the number of enterprise customers, and 144 percent growth in monthly recurring revenue.

“It’s been a breakout year for IGLOO, fuelled by the tremendous growth from three converging forces in the marketplace — social, mobile and cloud computing,” said Igloo CEO Dan Latendre in a release.

“Businesses are seeking to accelerate their investment across each of these areas, and Igloo has become an onramp of sorts as one of the first steps in adopting this new modern IT infrastructure.”

The startup hasn’t taken funding since a 2008 round when it received $4 million from repeat investor RBC Venture Partners and BlackBerry maker RIM. Igloo Software was founded in February 2008.