Huddle, the six-year-old company that makes cloud collaboration software for the enterprise, has closed on $24 million in new funding, bringing its total equity funding to $40 million.
The new round, which serves as Huddle’s Series C, was led by Jafco Ventures, with DAG Ventures participating along with previous backers Matrix Partners and Eden Ventures. WebEx founder Subrah Iyar also pitched in.
Huddle’s last funding round, a $10.2 million Series B, was closed two years ago in May 2010.
Huddle is co-headquartered in London and San Francisco and opened an office in New York City this month that will serve as a sales hub. According to the company, its revenues have tripled in size each year since its 2007 launch and had four quarters of record growth in 2011.
The new money will be put toward growth: Huddle now has 100 full-time employees split between the UK and the US, and expects to triple its staff over the next twelve months, a spokesperson says. 80 percent of the Fortune 500 uses Huddle, the company says, and its customer list includes firms such as Procter and Gamble, Saatchi & Saatchi, NASA, and PriceWaterhouseCoopers.
Huddle does not disclose its revenue, but co-founder Andy McLoughlin told TechCrunch’s Ingrid Lunden in February that the company was profitable.
Huddle’s most direct competitor in size and function is probably Box, the Silicon Valley-based company that also makes enterprise cloud storage and collaboration software.