Yammer Grabs $10 Million More in Funding
Yammer, the enterprise equivalent of Twitter, said it had grabbed another $10 million in financing.
But the question for the San Francisco-based microblogging service for businesses and closed groups is: “What are you working on?”
Yammer has both free and a paid–the gold level is $5 per user, per month–versions and is essentially a useful productivity tool.
Emergence Capital took the lead in the Series B round for Yammer, along with ubiquitous Silicon Valley investor Ron Conway and previous investors.
Yammer previously raised $5 million from Charles River Ventures and The Founders Fund.
Here’s the release:
Yammer Secures $10 Million in Series B Funding from Emergence Capital and Previous Investors
Investment To Fuel Product Innovation and Sales Coverage
SAN FRANCISCO, Calif., February 3, 2010–Yammer, Inc., the leader in Enterprise Microblogging and Real-time Communications, today announced that it has received $10 million in its Series B round of funding. Emergence Capital leads the round; with general partner Jason Green joining Yammer’s Board of Directors. SV Angel, led by seasoned Silicon Valley investor, Ron Conway, is also participating as are previous investors, including Charles River Ventures and Goldcrest Investments from Dallas.
Yammer launched its solution in September 2008 and has experienced rapid user adoption with over 60,000 organizations globally having adopted the solution. Drawing on this momentum, Yammer will use the proceeds to accelerate product innovation and increase sales coverage.
“Yammer is revolutionizing the way employees communicate and collaborate, filling a need that email has failed to deliver,” said Jason Green, general partner at Emergence Capital. “Yammer has a passionate and proven executive team, a compelling freemium business model, a loyal customer base and a huge market opportunity. We are thrilled to be joining them in the next phase of their rapid growth.”
Companies and organizations of all sizes across a wide range of industries benefit from Yammer. They use Yammer for a multitude of reasons, including improving workforce productivity, connecting a geographically dispersed team, getting new employees up to speed, and increasing the flow of content and knowledge.
“Yammer is focused on improving the way employees communicate and stay connected to critical information about their company and job,” said David Sacks, founder and CEO at Yammer. “We’re pleased with the rapid growth and market adoption we’ve achieved and are poised to accelerate it with exciting enhancements to our product and with broadened sales coverage. We’re eager to work with Emergence Capital and leverage their expertise in building world-class Software-as-a-Service (SaaS) companies and are gratified that proven technology investors such as SV Angel and Charles River Ventures are also participating in the funding.”