Huddle.net (United Kingdom) - Nov 2007

Eden Ventures has invested £1.8m as part of a £2m series-A funding round for Huddle.net, a provider of online workspaces, with the balance of the equity provided by angel investors. Eden was attracted to the deal, which was sourced through industry contacts, due to the company’s unique concept, which utilises the functionality of social networking platforms for professional uses. The new capital will be used in ongoing product development, as well as in sales and marketing to increase the current client base. The investors anticipate that further funding may be required to continue the growth of the business in early 2009.

Company

Huddle.net, based in London, combines a social networking environment with open office tools to enable users to work in teams both at home and in the office to get things done. The business was established in 2006 and the website was launched in May 2007, with the company averaging 25% growth in new users per month. In August, Huddle joined the OpenSAM consortium, integrating a range of web applications, including Microsoft office online documents, into the Huddle platform for easier content creation. The company currently employs eight full-time staff and is cash positive.

People

Ben Tompkins led the investment for Eden Ventures and will join the Huddle board. Alastair Mitchell is the co-founder and CEO of the company.

Advisers

Equity - Ashfords, Andrew Betteridge (Legal)

Sourced from: UK & Ireland unquote" 358 (Dec 2007)

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