SpringCM announced raising USD18 million
SpringCM has announced that it has taken in USD18 million worth of venture investment. The announcement was made today adding that the funding round would be used to expand company operations in sales and marketing division. This was according to the company’s CEO Greg Bucholtz who told TechCrunch. SpringCM has been doing content management hosting since 2005.
The funding for SpringCM was led by Goff Capital along with Square 1 Bank and Foundation Capital. The latter also joined the first round of investment for the Chicago based firm in 2010, said a report from TechCrunch.
The company has already received funding for three times which brings it to a total of USD34 million. In 2012, the first venture round it has raised was valued USD10 million. November last year, SpringCM took in USD6 million, said TechCrunch.
According to Bucholtz, the growing client interest for cloud-based products has increased in the last 12 months. He added that it is also the perfect time to increase their fund and make a strong foothold in Silicon Valley. Bucholtz also added that his company’s 5 employees would increase by 20 by the end of 2014.
He said, “We don’t have presence of Silicon Valley companies, but we want to change that. We are going to primarily use the proceeds [of this funding round] to ramp up sales and marketing.”