Monday, January 11, 2010

Spiceworks Raises $16 Million for IT Management App

Spiceworks, a start-up based in Austin, Texas, raised $16 million in Series C funding round for it IT management solutions.

Spiceworks' free social business application combines systems and network management software with an online community of IT professionals. The company claims more than 850,000 users in 196 countries are using its IT management application. This includes more than 25 percent of all businesses with greater than 100 employees.

The latest funding round was led by Institutional Venture Partners (IVP) and included participation from existing Spiceworks investors Austin Ventures and Shasta Ventures.

"Over the past four years Spiceworks has transformed how IT professionals around the world manage technology, get information and advice from their peers, and find the products and services they need," said Scott Abel, co-founder and CEO of Spiceworks. "We've also built a successful business by connecting IT pros with advertisers. This funding will allow us to build a broader range of functionality for our users and more quickly achieve our mission of simplifying everything IT for the world's businesses."

As part of the funding round, Spiceworks named Steve Harrick, general partner of IVP, to the Spiceworks board of directors. Other board members include Ravi Mohan, co-founder and managing director, Shasta Ventures; John Hamlin, former Dell senior executive; Scott Abel, CEO of Spiceworks; John Thornton, general partner of Austin Ventures; and Mike Maples Jr., managing general partner of Maples Investments.