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CubeTree raises $8 Million in series B financing
By siliconindia
Redwood City, California: CubeTree, a freemium enterprise collaboration suite built on a social networking platform, has raised $8 million in series B financing. Along with this latest funding round, the company also announced that Bruce Cleveland of InterWest Partners has joined CubeTree's Board of Directors.
This round of financing is led by InterWest Partners, along with the participation of the existing investor Trinity Ventures. CubeTree will use the capital raised to continue investing in product and market development. To date, CubeTree has raised nearly $12 million in funding, from venture capital firms - InterWest Partners and Trinity Ventures, as well as industry visionary Mitch Kapor.
Founded in 2008, Redwood City, California-based CubeTree is a private company that delivers a hosted social networking platform with enterprise collaboration tools like wikis, blogs and file sharing tightly integrated into the social network. According to the company, its software helps companies create their own private, secure social networks. It takes under a minute to get started, and the basic offering is free for an unlimited number of employees.
"CubeTree is seeing strong and increasing market demand for enterprise social software suites," said Carlin Wiegner, Chief Executive Officer and Co-founder of CubeTree. "We are very excited to be working with Bruce and InterWest Partners on this round of financing. We have been very impressed with their experience and depth of understanding of Software-as-a-Service (SaaS) and the enterprise applications and software space, and we look forward to working with them," he added. Navin Budhiraja is CubeTree's CTO (Chief Technology Officer) and is responsible for all aspects of CubeTree's product architecture.
