Socialcast, a social communication SaaS provider for enterprises, has secured $1.4 million in Series A funding from True Ventures and angel investors. True Ventures led the round with $1 million and angel investors contributed $400,000. Socialcast was a finalist for the 2009 Crunchies Award for “Best Bootstrapped Startup.”

Om Malik, the founder of tech blogging network GigaOm and venture partner at True Ventures, will be joining Socialcast’s board of directors. On Malik joined True Ventures last September. Socialcast is Malik’s first investment at True Ventures and his first board appointment as a partner at the VC firm.

Founded by Tim Young, Socialcast is a communication tool businesses can use to incorporate social networking with messaging to share knowledge across enterprises. Socialcast’s software (for $1 per user per month) combines social bookmarking features, Twitter-like microblogging and FriendFeed-like streaming into one platform. And the software integrates with other social networks including Facebook, Twitter, and Del.icio.us. Socialcast can also import activity from your iPhone, Gmail account and YouTube. And all of this activity is private, making Socialcast an ideal program for real-time, internal communication within businesses. Yammer, a winner at last year’s TechCrunch 50, is a similar Twitter-like microblogging and communication platform for businesses that has gained popularity.