Kitchener-based Igloo Software, which offers workplace management solutions, has received a $60 million CAD growth equity investment from Charlotte, North Carolina-based Frontier Capital.
In 2017, Igloo expanded to 80 countries and surpassed one billion monthly interactions.
The investment will scale Igloo’s sales and marketing operations, expand distribution channels, strengthen its global partnership with Microsoft, and accelerate its footprint in the North American market. The Globe and Mail reports that it spoke with sources close to the matter, who indicated that most of the investment will go to early investors Information Venture Partners and an Ontario-based government investment fund, who are cashing out after earning five times their invested capital. Igloo will reportedly receive $10 million in capital.
Launched in 2003, Igloo Software’s platform covers internal communication, collaboration tools, knowledge portals, and culture and engagement software.
“Igloo’s growth over the last several years, in combination with our partnership with Frontier Capital, is a testament to our innovative approach to solving real-world digital workplace challenges,” said Dan Latendre, founder and CEO of Igloo. “We believe Frontier’s expertise in driving growth and creating enterprise value for software-as-a-service companies in the human capital management sector make it a natural fit for Igloo. We look forward to working with Frontier as we continue to disrupt the market and help businesses improve productivity and competitive advantage throughout their digital transformation journeys.”
In 2017, Igloo expanded to 80 countries, surpassed one billion monthly interactions on its digital workplace platform, and said it had achieved 79 percent year-over-year growth in the third quarter. This funding is Frontier’s first platform investment in Canada. Frontier VP Dave Pandullo and Frontier Growth Partners’ Bob Froetscher will be joining the company’s board.
“As the next generation of employees redefines both the physical and digital workplace, we see a rapidly expanding market for innovative solutions that enable an organization to better engage its workforce by fostering collaboration and connecting employees with the right information at the right time,” said Andrew Lindner, co-founder and managing partner at Frontier Capital. Lindner will also join Igloo’s board. “Frontier is excited about partnering with Igloo, whose extraordinary growth and track record of solving critical business challenges impacting employee communication, collaboration, knowledge sharing, and engagement position the company well to capitalize on this market trend.”
Photo via Igloo Software