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TigerText snags $21M in Series B funding round

January 27
2:19 PM 2014

Real-time enterprise messaging provider TigerText raised $21 million for its Series B financing round. Shasta Ventures led the round which was also participated in by OrbiMed, Reed Elsevier Ventures and TELUS Corporation. Investors from the company's Series A round also joined the fundraising. These are Easton Capital, New Leaf Venture Partners and New Science Ventures.

TigerText has designed a secure messaging platform that's encrypted in order to safeguard communications, enhance workflow and conform to industry regulations. Institutions like Adventist Health, the University of Kentucky HealthCare and Scottsdale Health Partners are just some of the organizations that have used TigerText, the statement said.

TigerText was able to attain its third year in a row of triple digit sales growth last year, with sales rising over four times compared to that posted in 2012. Seven percent of Fortune 500 firms and dozens of the top 100 hospitals in the US have used TigerText, allowing its customer base to increase by triple digits and maintain a customer retention rate of over 95%. In a statement about the funding, TigerText said the company's accelerated growth is due to enterprises using its security-driven messaging solution.

Staff and colleagues are able to send secure messages to each other using a smartphone, tablet or computer in an environment through the TigerText app. Since the messages are sent in an environment that the enterprise can manage, TigerText has given a solution to the growing number of SMS into workplace conversations that do not comply with the standards of the industry and make companies vulnerable to the risk of data breaches, the statement said.

TigerText Chief Executive Officer and Co-Founder Brad Brooks said in the statement, "2013 marked a year of strong growth for us. 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."

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