SnapLogic raises $10 Million in Series B Funding
Date: Thursday , December 30, 2010
SnapLogic, a San Mateo based cloud integration company, has raised $10 million in Series B funding led by existing investor Ben Horowitz of Andreessen-Horowitz. In accord with the funding, Ben Horowitz has joined the companyís board of directors. The funds will be used to expand internationally, for product development and help expand the teamís marketing branch. The expansion plans particularly involves expansion into European territories. Floodgate also took part in the fund raising round just behind Andreessen-Horowitz.
Founded in 2006, the company is led by Gaurav Dhillon who was the former CEO of data integration giant Informatica (now a public company with market cap of $4.1 billion). Like Salesforceís customer relationship management (CRM) software and Google Apps, SnapLogic also runs an app store that provides connectivity software for various cloud applications. It helps in the transfer of data effectively between those cloud applications and makes sure definitions are the same across multiple applications.
The developer community has strength of about 50 developers who publish applications to SnapLogicís app store. The revenue sharing model is the same as other app stores with 70 percent reaching the developers and 30 percent remaining with SnapLogic.
The company previously raised $4.8 million in funding from several high-profile investors, including Andreessen-Horowitz and Floodgate. The company presently runs with 30 employees.