Social Software Startup Garners Funding
Email
Print
Socialtext, which makes enterprise wiki and collaboration software, raises more than $500,000 as it prepares further product developments.
Preparing for more competition in the enterprise social software field, startup Socialtext Inc. has raised more than $500,000. CEO Ross Mayfield said the investment will largely fuel product development for the company, which sells software for building wikis and Weblogs for enterprise collaboration.
Click here to read what a panel a panel of industry observers at the Supernova 2004 conference thought about the societal implications of social networking software.
Mayfield said that he anticipates a growing number of competitors in the enterprise social software field, both from other startups and more established software companies. The funding round will help Socialtext gather further product requirements and quicken its product roadmap, he said.
"Now we have validated that there is a market and the category is attracting competitors, and its important for us not to lose lead in market and with the product," Mayfield said.
Socialtext, of Palo Alto, Calif., was founded in December 2002. It has 50 customers and in the second quarter of this year it reached a positive cash flow, Mayfield said.
Check out eWEEK.coms Messaging & Collaboration Center at http://messaging.eweek.com for more on IM and other collaboration technologies. 
Be sure to add our eWEEK.com messaging and collaboration news feed to your RSS newsreader or My Yahoo page
As an online reporter for eWEEK.com, Matt Hicks covers the fast-changing developments in Internet technologies. His coverage includes the growing field of Web conferencing software and services. With eight years as a business and technology journalist, Matt has gained insight into the market strategies of IT vendors as well as the needs of enterprise IT managers. He joined Ziff Davis in 1999 as a staff writer for the former Strategies section of eWEEK, where he wrote in-depth features about corporate strategies for e-business and enterprise software. In 2002, he moved to the News department at the magazine as a senior writer specializing in coverage of database software and enterprise networking. Later that year Matt started a yearlong fellowship in Washington, DC, after being awarded an American Political Science Association Congressional Fellowship for Journalist. As a fellow, he spent nine months working on policy issues, including technology policy, in for a Member of the U.S. House of Representatives. He rejoined Ziff Davis in August 2003 as a reporter dedicated to online coverage for eWEEK.com. Along with Web conferencing, he follows search engines, Web browsers, speech technology and the Internet domain-naming system.
