IFTTT (If This Then That) has just announced it has closed $30 million in Series B funding led by Norwest Venture Partners with participation from existing investor A16Z. As part of the deal, IFTTT is also bringing on a new board member, Josh Goldman, who is a general partner at Norwest and who holds advisory roles on 15 other boards, according to CrunchBase.
IFTTT is a platform that aims to give people control over the way their Internet-connected services and devices communicate with one another. This is done through a very simple statement: If this, then that.
Users can program Twitter to interact with the weather or the time of day, program their phones to go silent when they enter the office, or set their Nest thermostat to react to cues from the weather or their location.
It’s an IoT play that couldn’t be maturing at a better time.
“When we started the company we were thinking very long term; what’s on the service right now is just the tip of the iceberg,” said Linden Tibbets. “We always had this idea of IoT in mind, but the speed with which that happened, because of things like Kickstarter and the general excitement around the opportunity even in the last 12 months, has turned into a roar.”
IFTTT launched back in 2010 with a relatively bare-bones product, and has today grown to offer more than 125 channels (integrations with other services, devices, etc.) with companies like Nike, Square, ESPN, Nest, Jawbone, eBay and Microsoft. There are over 14 million personal recipes on the platform that are triggered 15 million times a day.
“Following this round of funding, one of the things we’ll be driving towards is turning on our first revenue stream, which will be premium accounts,” said Tibbets. “We want to allow customers on our platform to do something above and beyond what they’re already doing, and we receive requests every day for great premium features like turning on multiple Twitter or Instagram accounts.”
IFTTT has raised a total of $39 million, with existing investors including Lerer Ventures, betaworks, BoxGroup, SV Angel, Founder Collective and more.