Venture Capital Firm Commits $50 Million to Social Software Company
Austin Ventures, (”AV”), one of the nation’s largest venture capital firms, announced that they are committing up to $50 million to fund a new company that will focus on creating an industry leading strategic consulting practice and an enterprise class Social Software-as-a-Service (SaaS) suite.
This announcement once again validates the market opportunity around enterprise social software. According to Gartner, the enterprise social software market will reach $707.7 million by 2011, this translates into a 41 percent compound annual growth rate from 2006 through 2011.
We wish Jeffrey Dachis best of luck as the new CEO of this newly created company.
Tags: Austin Ventures, Enterprise, Social Software, Start-up