Spiceworks Raises $16 Million in Series C Funding
Institutional Venture Partners (IVP) Leads Growth Investment in Company Transforming the Way Technology Products are Managed, Marketed and Sold
AUSTIN, Texas – January 12, 2010 – Spiceworks™, Inc. (www.spiceworks.com), provider of the first and only social IT management application connecting the world’s IT pros and top technology companies, today announced it secured a $16 million Series C funding round led by Institutional Venture Partners (IVP). The round included participation from existing Spiceworks investors Austin Ventures and Shasta Ventures. A later-stage investor in rapidly-growing media and technology companies, IVP has funded many successful ventures, such as Twitter, MySQL, HomeAway, Netflix, Business.com, Zynga and more.
With more than 850,000 users in 196 countries, and over 1,000 new IT pros joining every day, Spiceworks is the most widely deployed and fastest growing IT management application in the world. Currently more than 25 percent of all businesses with greater than 100 employees rely on Spiceworks to manage their IT operations. Together the Spiceworks user community supports 29 million employees, manages 47 million computers and devices, and spends $145 billion annually on technology products and services.
“Over the past four years Spiceworks has transformed how IT professionals around the world manage technology, get information and advice from their peers, and find the products and services they need,” said Scott Abel, co-founder and CEO of Spiceworks. “We’ve also built a successful business by connecting IT pros with advertisers. This funding will allow us to build a broader range of functionality for our users and more quickly achieve our mission of simplifying everything IT for the world’s businesses.”
As part of the funding round, Spiceworks named Steve Harrick, general partner of IVP, to the Spiceworks board of directors. Other board members include Ravi Mohan, co-founder and managing director, Shasta Ventures; John Hamlin, former Dell senior executive; Scott Abel, CEO of Spiceworks; John Thornton, general partner of Austin Ventures; and Mike Maples Jr., managing general partner of Maples Investments.
“The disruptive business model Spiceworks has created will profoundly change the way technology products are marketed, sold and managed,” said Steve Harrick, general partner of IVP. “We look forward to working with the talented Spiceworks team as they grow their business and transform the world of IT as we know it.”
Spiceworks is enabling ‘Social IT’ by combining systems and network management software with a rapidly growing and active Facebook-like community of IT professionals. Organizations of all sizes use the software and integrated online community to collaborate with each other and support the management of their IT networks and services. Follow Spiceworks on Twitter: https://twitter.com/spiceworks. Connect with Spiceworks on Facebook: https://www.facebook.com/pages/Spiceworks/15382903707.
About Institutional Venture Partners (IVP)
With more than $2.2 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital and growth equity firms in the United States. The partnership is currently investing IVP XII, a $600 million later-stage fund focused on investments in rapidly-growing technology and media companies. Founded in 1980, IVP has a 28-year IRR of 43.2% and has invested in over 300 companies, 85 of which have gone public. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions and select public market investments. Since its inception, IVP has invested in such notable companies as ArcSight (ARST), Ask Jeeves (IACI), Aspect Communications (ASPT), At Road (ARDI), Business.com (RHD), Clarify (CLFY), ComScore (SCOR), Concur Technologies (CNQR), Danger (MSFT), Digital River (DRIV), Form Factor (FORM), Foundry Networks (FDRY), HomeAway, Juniper Networks (JNPR), LSI Corporation (LSI), Mobile 365 (SY), MySQL (JAVA), Netflix (NFLX), Polycom (PLCM), Quigo (TWX), Seagate (STX), Synchronoss (SNCR), Tivo (TIVO), Twitter, Websense (WBSN) and Zynga. For more information, visit www.ivp.com.
Founded in 2006, Spiceworks develops the first free social business application that combines systems and network management software with an online community of IT professionals to help over 850,000 IT pros and 80,000 managed service providers (MSPs) simplify everything IT. Spiceworks makes it easy for businesses to manage their networks, collaborate to solve technology problems, and find the best practices, products and services they need day-to-day. Through its Voice of ITTM market research program, the company also publishes data on important technology usage, staffing and purchasing trends by small and medium businesses worldwide. Spiceworks is a privately held company headquartered in Austin, Texas with funding from Institutional Venture Partners (IVP), Austin Ventures and Shasta Ventures. For more information visit www.spiceworks.com.
Spiceworks and Voice of IT are trademarks of Spiceworks, Inc. All other names may be trademarks or registered trademarks of their respective owners.
Institutional Venture Partners