Things are heating up inside Igloo’s offices.
Igloo Software has announced a $60 million growth equity investment. The Kitchener-based digital workplace solutions provider saw their new round of funding led by Frontier Capital, a growth equity firm focused on software and tech-enabled business services. This investment is the first from Frontier in Canada and comes from the firm’s $390 million Frontier Fund IV.
The new investment will help Igloo build out their sales and marketing operations, expand distribution channels, and further expand the company’s presence in the North American market.
“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 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.”
Latendre wrote on how to build a compelling digital workspace last year for Techvibes.
The new financing will also help Igloo expand their partnership with Microsoft. In mid-2016, Igloo joined the Microsoft Enterprise Cloud Alliance and announced widespread integrations with Office 365. Igloo was one of the first graduates of the Microsoft BizSpark program in 2011.
Igloo has achieved a lot of growth since being founded in 2008. The company has expanded its presence to 80 countries and sports offices in the U.K. and Australia. Igloo achieved 79% year-over-year growth in the third quarter of 2017 and added more than 190 new customers, including the Bill & Melinda Gates Foundation and CNN.
The company’s digital workplace “solution as a service” approach reduces the time to launch and time to value as compared to a more traditional intranet. Collaborative tech as a market is expected to reach close to $50 billion by 2021.
“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 join Igloo’s board, along with Frontier VP Dave Pandullo and Frontier Growth Partners’ Bob Froetscher.
Igloo’s last funding round came six years ago when the company raised a $5 million Series B. Prior to that, Igloo raised a $4 million Series A in 2008.