With sales more than quadrupling in 2013, company closes Series B funding for its secure, enterprise messaging solution
SANTA MONICA, Calif.–(BUSINESS WIRE)–January 27, 2014–
TigerText, the leader in secure, real-time messaging for the enterprise, today announced it closed a $21 million series B round of funding. The investment round was led by Shasta Ventures who was joined by OrbiMed, Reed Elsevier Ventures, and TELUS Corporation, along with returning Series A investors, Easton Capital, New Leaf Venture Partners, and New Science Ventures.
“We are very excited to collaborate with companies that are changing – and shaping – the future of mobile communication,” said Sean Flynn, Partner at Shasta Ventures. “TigerText is one of the first companies that meets the critical needs of enterprises when it comes to providing a secure, easy-to-use vehicle for communicating in real-time.”
“2013 marked a year of strong growth for us,” said Brad Brooks, Co-Founder and CEO of TigerText. “This new capital will help support our continued expansion efforts and fuel future growth as the demand from enterprises for our secure mobile messaging solution accelerates.”
In 2013, TigerText achieved its third consecutive year of triple-digit sales growth, as sales climbed more than four times the previous year. Working with 7% of the Fortune 500 companies and dozens of the top 100 hospitals in the U.S, the number of new TigerText customers grew by triple digits, while customer retention remained greater than 95%. The Company’s rapid growth can be attributed to enterprises adopting TigerText’s security-driven messaging solution to safeguard their communications, improve collaboration, and comply with industry regulations.
Through the TigerText app, staff and colleagues can securely message each other from any smartphone, tablet or computer within an environment that can be managed by the enterprise. TigerText addresses the increased proliferation of SMS into workplace conversations that are not industry compliant and can pose data breach risks to companies.
“I’m impressed by both the innovation they have brought to the market, and how well they have executed,” said Steve Yecies, Venture Partner at OrbiMed. “TigerText has the team, technology and vision to scale within the mobile messaging space and has a strong record of success with their customer acquisition model and remarkable sales growth.”
Key TigerText achievements in 2013 include:
- Customer Growth: TigerText’s customer base saw expansive growth across enterprise markets, with particular strength in healthcare. New large healthcare customers included Wellcon, Adventist Health, Hartford Healthcare, Danbury Hospital, Hoag Health Network, University of Connecticut, Doylestown Hospital, Health Alliance and more.
- Product Innovations: With the launch of its freemium product, TigerText onboarded more than 10,000 businesses during its 8-week soft launch. To date, more than 3 million users have downloaded the TigerText app and are benefiting from its patent-pending secure and ephemeral messaging capabilities.
- Major Partner Integrations: TigerText fully integrated with several technology partners including PointClickCare, the most widely used EHR (electronic health record) platform in the long-term care market and AMiON, the healthcare industry’s leading on-call scheduling software. PointClickCare customers can now access TigerText directly from their EHR console, while AMiON users can find out who is on-call and communicate with providers via both the TigerText app and AMiON web portal.
- Revenue Growth: TigerText achieved significant marketing traction with sales growth quadrupling in 2013. Additionally, pre and post-sales continue to drive expansion and growth opportunities for TigerText and its channel partners heading into 2014.
- New Board Members: TigerText announced the addition of Cornerstone OnDemand (NASDAQ: CSOD), Co-founder and CFO, Perry Wallack and Dr. Andrew Brooks to its board of directors as the company enters its next phase of growth.
- Enterprise Adoption in BYOD Environments: With mobile device diversity and management forecasted by Gartner as the number one strategic technology trend for 2014, organizations turned to TigerText to help better define policies for employee-owned devices.
- Continued Staff Expansion: TigerText nearly doubled its staff, hiring in sales, client services, marketing, product development and engineering.
- Recognitions: The Company also became a recognized leader in trade media focused on healthcare and technology, as well as within national business press, being featured in dozens of media outlets including Forbes, Wall Street Journal, New York Times, The Huffington Post, TechCrunch, Business Insider, GigaOM, Health IT Security, and Mobi Health News, among others.
For more information about this round of funding, visit: http://www.tigertext.com/next-chapter.
TigerText is the leader in secure, real-time messaging for the enterprise. TigerText’s encrypted messaging platform keeps communications safe, improves workflow and complies with industry regulations. Developed to address the security needs, BYOD policies, and message restrictions in the enterprise, TigerText is committed to keeping mobile communications secure, private and impermanent. More than 3,000 facilities have adopted TigerText, including leading organizations like Adventist Health, the University of Kentucky HealthCare, and Scottsdale Health Partners, which rely on TigerText to combat such challenges as the HIPAA Omnibus Rule changes, comply with industry standards and replace unsecured SMS text messaging that leaves protected health and other confidential information at risk. The company was recently named one of the top five companies that transformed enterprise communication in 2013. For more information visit http://www.tigertext.com, http://www.facebook.com/tigertext, or http://www.twitter.com/tigertext.
Kristin Tinsley, PR Manager
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