Category: VC

Jive Talks (finally) talks about $15 million round

Last week, I saw the news on Jive Software securing a $15 million round of funding from venture firm Sequoia Capital.

Being the diligent type that I am, I immediately jumped over to the Jive site to get the full story.

Only there wasn’t anything there.

No press release. No blog post. Nothing. Crickets chirping.

But I’ve diligently checked the site, time and time again, since that point, and I am now happy to report that Jive is now talking about the round in a post from the CEO, Dave Hersh, on Jive Talks.

Hersh addresses questions that plague any startup making this sort of control-wresting decision:

  • Why did we raise the money?
  • Why did Sequoia choose Jive to win the space?
  • Why Sequoia?
  • What will change?
  • Was it a hard choice?

For more, read Dave Hersh’s post on Jive Talks, “More on our $15M Funding Round with Sequoia.”

[Update] Mike Rogoway of The Oregonian provides additional coverage—and a little link love for Silicon Florist (Thanks, Mike!)—on the Silicon Forest blog.

Jive Software secures $15 million… and moves blog to Clearspace

Big news coming out of Jive Software today. The company announced that it has secured a $15 million round of funding led by Sequoia Capital.

From VentureBeat

One with considerable momentum is Jive Software, a Portland, Ore. Its product, Clearspace, doesn’t tack various software programs together. It offers it all from ground-up: It lets employees and customers collaborate on a mix of blogs, wikis, forums, chat, tagging, files and reputation systems into a single interface behind the corporate firewall (or outside it, if customers are involved, in which case it governs a publishing system that controls what gets outside the firewall). The company was bootstrapped for years, but in February, hit a vein, says chief executive Dave Hersh — demand for its product became overwhelming.

Jive will do more than $15 million in sales this year, with the second quarter revenue almost double what it was the same quarter of last year. It has more than 2,000 customers, says Hersh, mentioning names like IBM, Sun and BEA. So it has taken $15 million from Silicon Valley venture firm Sequoia Capital, to handle the growth.

Mike Rogoway of The Oregonian also covered this round:

Jive said it plans to use the money to continue developing its software and to market its products. Jive is the latest company to benefit from a surge in venture capital backing Oregon businesses. Venture capitalists invested $173 million in Oregon companies during the first six months of the year, up from $76 million in the first half last year.

Mashable covered the funding, as well.

Still no post on the Jive blog or in the Jive newsroom, so I’ll provide other details as they become available.

[UPDATE] As of Monday morning, still nothing from the horse’s mouth, but Om Malik is reporting that the funding will be used to “push sales and marketing of its Clearspace line-up of products,” while Portland station KGW has pulled an AP story that states, “The company said it will be scaling up operations, development and setting up international offices as a result of the investment.”

In related news, when I headed over to the Jive blog to see if they had posted anything, I was happy to see that they had ported their blog to their own Clearspace product. “Eating their own dogfood” as it were.

Although, Clearspace appears to be mighty tasty dogfood.

VC Thunderdome: Seed Oregon

You’ve got good ideas. You’ve got elegant code. And you’ve got the next killer app. But what you could really use is some capital to make a real go of it.

That’s where funding comes into play. Oregon Entrepreneur Network understands.

So rather than make you come right out and beg, they have their own little Thunderdome for funding called Seed Oregon:

Nine presenting companies will be selected to compete in the Seed Oregon tournament. Each will have 10 minutes to present their concept to the PubTalk audience, followed by a 10 minute Q&A session. Three companies will compete at each of the the preliminary rounds, with the audience voting for the winning presentations to move to the championship round. The Angel Oregon Selection Committee will serve as judges for the championship round.

The competition is restricted to companies in the Portland metropolitan area who are currently seeking a seed round that is less than $2 million.

If you match those requirements and you’re interested in a little “two man enter one man leave,” consider sending in an application. The first round entry deadline is August 31, 2007.

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