Huddle Secures More Than $10 Million to Bring Popular Online Workspaces to the U.S.

May 17, 2010

SAN FRANCISCO and LONDON, May 18, 2010 /PRNewswire/ — Huddle
(http://www.huddle.net/), the company that lets you connect and work securely
with other people in the cloud, today announced that it has closed a $10.2
Series B round of funding led by Matrix Partners, with participation
from existing investors Eden Ventures and Charles McGregor, Huddle’s chairman.

Huddle, which employs more than 40 staff in the UK and U.S. and recently
became cashflow positive, expects to quadruple in size in the next year.
Including the most recent investment, Huddle has raised in excess of $15
in equity funding since its launch in 2007. The company is using the
capital to expand its U.S. presence and build a team in San Francisco led by
its newly relocated co-founder, Andy McLoughlin.

“Huddle makes it possible for people to connect and work with each other
regardless of their location. However, for us as a company it’s crucial to be
closer to the people who use our product,” said Mr. McLoughlin. “With more
than 50 percent of Huddle users based in the U.S. our intention is to give
them even more on-the-ground support.”

Fueled by the rapid rise in remote and online working, people across the
globe use Huddle to share files, manage projects and workflows, control and
distribute information, suggest and discuss ideas and hold online meetings,
as well as connect with colleagues, customers, partners and suppliers. It
makes it easy to work with other people inside and outside companies, across
boundaries and time zones.

Huddle customers include Procter & Gamble, Disney and HTC, and tens of
thousands of small businesses and freelance workers. A key Microsoft partner
through its global BizSparkOne program, Huddle also holds a number of global
partnerships including HP, InterCall and LinkedIn.

Huddle will benefit from Matrix’s extensive experience backing SaaS
market leaders. General partner Josh Hannah has been appointed to the Huddle
Board of Directors, where he will provide his expertise in building highly
profitable businesses globally.

“It’s not often we come across an enterprise software company that is
inherently viral and has the potential to redefine how we work with each
other,” said Mr. Hannah. “Under Alastair and Andy’s adept leadership, we
believe that Huddle will continue to flawlessly execute on its mission to
create a fundamental shift in collaboration. I look forward to working
closely with the team as the company expands its market position in the U.S.”

Alastair Mitchell, co-founder and CEO, Huddle, commented: “We have built
Huddle with a single purpose in mind: to make it easier for people to work
with each other. Three years on, our goal hasn’t changed. Anyone, a student,
small business or a worldwide corporation can adopt Huddle as a new way of
working to their advantage. If Facebook’s aspiration is to be the social
fabric of the web, Huddle’s mission is to become its equal in the workplace,
helping workers and businesses across the globe work better together.”

Notes to editor

Huddle was advised in the transaction by Torch Partners and Orrick,
Herrington & Sutcliffe LLP.

About Huddle

Huddle is a secure online space for people to connect, share and work
together. It helps businesses of all sizes: one-man operations, small firms
and large enterprises such as P&G, Disney and HTC adopt a new way of working.
Huddle can be accessed online, on mobile, on desktop, via Microsoft Office
applications, on major business social networks such as LinkedIn and Ning and
in multiple languages. Huddle is three years old, headquartered in London
with a San Francisco office. It gives away more than $400,000 of software to
charities worldwide each year. Find out more at http://www.huddle.net/about

About Matrix

Matrix Partners is a premier venture capital firm that has generated
outstanding returns for over three decades. The firm has delivered several of
the industry’s top performing funds of all time. Matrix Partners has offices
in Waltham, MA; New York, NY; Palo Alto, CA; Mumbai, India; and Beijing and
Shanghai, China. The firm has been fortunate to have invested in
game-changing, industry-leading businesses such as Apple Computer, Sandisk,
Veritas, Sycamore Networks, Phone.com, Starent Networks, JBoss and Gilt
Groupe. Find out more at http://www.matrixpartners.com


Source: newswire

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