600% user rise sees SpringCM complete $15 million in financing ‘to continue rapid growth’
ECMPlus – SpringCM has secured $15 million in financing to extend its cloud enterprise content management platform.
According to the company, this current round of funding includes existing investors Foundation Capital and North Bridge Venture Partners. Silicon Valley Bank has also joined the ranks to provide growth capital and working capital financing.
Commenting on the new round, SpringCM CEO Chris Junker said “During the last year, customer usage of the SpringCM cloud-based content management platform has increased by more than 600%. The additional funding will aid in fueling our expansion of channel sales, partner relationships and research and development, enabling us to remain in a clear leadership position.”
Bill Elmore, general partner and founder, Foundation Capital added “Having been a part of the SpringCM team since its founding in 2005, we have seen first-hand the market opportunities that exist. SpringCM has continued to demonstrate its commitment to advancing cloud technology and has established a strong business position by achieving 100 percent growth year over year – an impressive feat in today’s economy.”
James M. Moran, general partner at North Bridge Venture Partners commented “Leading analyst firms are predicting that 10 percent of enterprise content will be managed in the Cloud by 2012, a big jump in just a few years. This presents a huge opportunity for new CEO Chris Junker and his team to continue to demonstrate SpringCM’s leadership in the market.”