Austin Ventures is pumping $50 million into a company, as yet without a name, that wants to somehow provide social software to enterprises. The founder, and apparently the reason for the large round, is Jeff Dachis, best known as the cofounder of 90’s era web consultancy company Razorfish, that lost billions in market value when the dot-com bubble burst. For a brutal but interesting recap of Dachis’ career, see Valleywag.
I’ve been hearing a lot enterprise software folks talking about integrating social software components, but you can stick the buzzword “social” on many different types of software without creating meaningful products. At least this new company will have the funds to experiment, and anyway, it will be able to hire a strong sales team.