Convoq Closes $13M Round C Venture Financing Led by Bay Partners
Convoq, Inc., an innovative provider of online communication and partnership applications, had announced this week it has secured Series C financing of $13M.
Bay Partners, an early-stage venture capital firm, which invests in wireless enterprise software and services, led this round. Bay Partners has funded over 250 companies including Digital Island, Brocade Communications, Informatica, and WebLogic. Convoq�s existing venture investors, North Bridge Venture Partners and Polaris Venture Partners, also participated in this round.
�We invested in Convoq because of its experienced management team and its tremendous potential to deliver deep, real time collaboration value to high margin commerce transactions and to CRM solutions,� said Chris Noble, general partner of Bay Partners, who has also joined Convoq�s board of directors.
Convoq said it will use the funding for growth and increasing its sales and marketing initiatives. The company�s wide-ranging ASAP suite is designed for training, sales, marketing, and support departments. Convoq�s software solutions are given to subscribers on its server to its customers.
�This vote of confidence confirms our vision of becoming a major applications company delivering communication and collaboration software as a service,� said Chuck Digate, Convoq president and CEO. �With our technology and additional capital, we�re poised to capitalize on a huge market, which Goldman Sachs estimates at 44 million potential CRM users worldwide.�