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Introhive plans to raise as much as $7 million

10/04/2013

District-based Introhive plans to raise as much as $7 million to accelerate sales of its professional networking software, from a group of investors that includes CRM giant salesforce.com, according to CEO Jody Glidden.

Introhive announced the salesforce investment earlier this week. In a follow-up interview, Glidden rolled out some more details of the financing.

The Ameri-Canadian startup helps enterprises better utilize the collective networks of their employees, building a searchable database of relationships ranked by strength. That database could, for example, allow someone to broker an introduction for a sales lead, instead of making a cold call.

Introhive has enough cash to support its 40 employees almost through this time next year, Glidden forecasted. "We're not in a huge hurry," he said. "We have a decent amount of money in the coffers." But they're raising cash to ramp up their sales growth. The company introduced an integration with Salesforce in May, which "really turbocharged things," Glidden said, shortening the sales cycle from about four months to about one.

The latest financing is expected to be somewhere between $5 and $7 million, he said. Glidden expected to close that round in roughly the next two months.

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