Redpoint leads $7m round for Moogsoft

The new capital will be used to showcase Moogsoft's product, Moog, to businesses that are struggling to manage their IT infrastructures in a cost-effective manner. Moog automatically identifies IT incidents to reduce the number of end-users discovering and reporting a company's IT problems.

Redpoint is a US-based, technology-focused venture capital firm. The GP invests in seed, early-stage and expansion deals.

Redpoint typically invests $1-10m in early-stage companies and in excess of $10m in expansion deals for established, revenue-generating businesses. The firm's current portfolio includes Just-Eat, Bluefin Labs and Path; past investments include Netflix, Tivo, Ask.com and Myspace.

Previous funding
Mike Chalfen, a general partner at private equity firm Advent Venture Partners, has privately invested in Moogsoft.

Company
Moogsoft was founded in 2011 and began trading its product Moog in February 2012. The company is headquartered in London with an additional office in New York.

The company provides an agile software service management platform, which exploits concepts such as big data and social networking to pre-emptively identify adverse incidents regarding a company's IT infrastructure.

People
Moogsoft's founders are CEO Phil Tee, and business development and product manager Mike Silvey. John Walecka, a general partner at Redpoint, will join Moogsoft's board following the transaction.

Advisers
Company - Orrick, Herrington & Suttcliffe (Legal).

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• Topics
• UK / Ireland
• Expansion
• Technology
• United Kingdom