DoubleDutch raises $2 Million in first round of Funding
Date: Thursday , May 03, 2012
DoubleDutch that makes mobile, cloud-based, geosocial applications for events and enterprises workgroups has raised $2 million in its first institutional venture capital funding from Bullpen Capital, Mike Maples Jr.'s Floodgate Fund, Mint.com founder Aaron Patzer and YouTube co-founder Jawed Karim. As part of the deal, Bullpen Capitalís Duncan Davidson joined DoubleDutch's board.
The company plans to use the fund to add employees, market its products and expand the firmís mobile app product line. Prior to this, the company has raised a seed round of funding of $1.2 million from top investors including Lightbank, Charles River Ventures, Launch Capital, Venture 51, Accelerator Ventures and several others. Till date, the company has raised a total of $3.4 million in funding and is 15 strong members and looking to grow to 20.
Founded in January 2011 by Pankaj Prasad and Lawrence Coburn, DoubleDutch mobile apps help the users to seamlessly share work activities on an interactive mobile platform. This engagement helps existing enterprise systems like event management systems, customer relationship management systems, and others, and gathers more accurate, real time data, which unlocks valuable insight into the user's event, sales team, or other enterprise workgroup. The company helps them to tap into mobile, social functionality to boost productivity and create radical transparency across every line of business. Some of the clientele includes UBM, Hewlett-Packard, IDG, Cisco Systems, Adobe, and several others.
Prasad, Co-Founder, DoubleDutch, said, "Our investors share a common belief with us that while the social space is saturated with marginally beneficial app technology the enterprise or work space has almost none. People spend 8-10 hours a day at work and when they look at their phone there is literally nothing aside from email for them to accomplish anything. We are looking to take the money invested in us and aggressively expand our team."
DoubleDutch witnessed significant achievements with cloud-based enterprise software in the last decade, but there is a great shift taking place today in mobile productivity with the advent of smartphone devices, social networking, and wide-area mobile broadband. The latest round of funding will help them to further solidify their presence in the mobile enterprise space.