February 27, 2008
HiveLive Raises $5.6 Million in Round A
There are as many different reasons social networking platform providers will be considered as the hot targets in venture capital as social networking sites. HiveLive, an enterprise social software solution provider is announcing that it has raised $5.6 million in a Series A financing. In a press release, this round of financing was led by Grotech Capital Group and with participation of the current private investors. This bring HiveLive’s total funding to date is $7.8 million, which includes prior angel investments of $2.2 million. In addition, Grotech General Partner Joseph R. Zell will take a seat on HiveLive’s board of directors with immediate effective.
This news reminds me of another social networking platform provider that called Five Across, acquired by Cisco exactly one year ago. Both target on enterprise customers, with the offering of some social tools such as wiki, forum, blog, all with the core purpose to facilitate the online communication from one enterprise to its enterprise clients. Frankly, I never used or get involved with HiveLive software, but reading some other blogs on HiveLive, I know that HiveLive tend to become a Web software that is a highly customized, configurable, and scalability. Since HiveLive is an on-demand, companies that want to create social network on their sites will probably short-list HiveLive based on the aforesaid features. If you want to know more about the social networking functionality that offered by HiveLive, you can visit the review done by TechCrunch.
Finally, HiveLive is a Boulder-based startup that just launched in last year.
