Founded in 2002, Socialtext is an enterprise social software maker that offers microblogging, blogs, wikis, social profiles and spreadsheet-style collaboration, delivered both as a cloud service and an on-site appliance. The product integrates with traditional CRM and ERP systems and to date more than 6,500 businesses have signed up. The company has previously raised $19.4 million from angels and VCs, including Draper Fisher Jurvetson. Socialtext has received a strategic investment from Bedford Funding and will be integrated into Peoplefluent’s Human Capital Management suite to extend employee collaboration and mobile social capabilities. Eugene Lee will remain CEO of Socialtext but will now report to Peoplefluent CEO Charles S. Jones. The company will continue to operate under the Socialtext brand and says existing customers should not be impacted by the deal. SocialText builds wiki software and collaboration tools. In July the company said it was looking for a new CEO to help speed growth; it has named Eugene Lee, a former Cisco and Adobe executive, as CEO. Founder and former CEO Ross Mayfield will serve as chairman and president. The company announced a $6.5 million second tranche of its Series C financing, following a $3.0 million disclosure in May 2007. SocialText has now raised a total of $14.1 million. The leadership change and additional capital are intended to support the company’s growth plans. Socialtext builds enterprise wiki software designed to make creating and managing wikis easy for users without technical setup. Its product targets teams that want to avoid sending attachments via email and supports startup workflows like daily progress reporting. The company announced it has raised $3 million toward a targeted $6.5 million Series C round. Previous investors named in the article include Draper Fisher Jurvetson, SAP, Omidyar Network, Mark Pincus and Reid Hoffman. Founders are Ross Mayfield, Peter Kaminski and Adina Levin, and Wikipedia founder Jimmy Wales serves on the board. The article frames wikis as a strong market opportunity and references comparable transactions such as Google’s acquisition of Jotspot and Wetpaint’s $9.5 million raise.

Total raised

$10M

Funding rounds

3

Latest round

Series C

Latest activity

Nov 2007