Cloud-based collaboration service provider Convo has raised $5 million in a Series A funding round from Morgenthaler Ventures. The San Francisco-based company, formerly known as Scyrbe, had previously raised seed funding from Adobe, LMKR and angel investors. As part of the Series A, Morgenthaler Managing Director Rebecca Lynn and Venture Partner Alex Nigg have joined the board. Morgenthaler, which last week closed its 10th fund and renamed it Canvas Venture Fund, said that its investment in Convo is the last new IT deal from its ninth fund. The firm has reserved capital from Fund IX (vintage 2008) for follow-on investments only.
Convo Secures Series-A Funding from Morgenthaler Ventures
San Francisco, California – September 16, 2013 – Convo, a cloud-based collaboration service, today announced a $5 million Series-A investment round from Morgenthaler Ventures. This financing is the company’s first investment by an institutional venture capital firm. The funding will be used to evolve its offerings, introduce their service on more platforms, and accelerate user reach and growth.
Convo is a multi-platform service designed to allow teams to share and work together simply and naturally by combining discussions with messaging, images, docs, presentations and PDFs.
Since 2012, Convo has seen exceptionally high levels of engagement in their paying accounts, with an average monthly active over daily active ratio of 75%, which is noticeably higher than the 30% of most social games.
Convo is available across all major platforms and has launched versions of its software for Windows, Mac, Web, iPhone, and Android.
“We built our company with slim resources and a small team, and therefore are excited about our prospects with Morgenthaler Ventures in our corner.
They have helped companies at our stage and with our enterprise focus grow exponentially,” said Faizan Buzdar, founder and CEO of Convo. “Our immediate priority is to use our new infusion of capital to continue delivering a service that meets the ease-of-use, reliability, and security demands of our customers.”
Said Rebecca Lynn, Partner at Morgenthaler Ventures, “We have been amazed at the level of engagement we have seen from Convo’s early customers, including many global brands. These organizations won’t settle for inconsistent, light-weight solutions. Multinational organizations have selected Convo after putting them through a battery of security tests. There are collaboration services you use to run chit chat, and there are those that run your company. Convo is relied on for the latter.”
“Looking across our portfolio, there is a common trait amongst our entrepreneurs, one of extraordinary tenacity and vision, which Faizan has in spades,” said Alex Nigg, Venture Partner, Morgenthaler Ventures. “Faizan started his business in Pakistan, moved it to San Francisco, and overcame considerable odds to attract a list of loyal customers from around the world.”
Convo (www.convo.com) is designed to help any group of people working together to achieve great things. Convo allows creative and innovative teams to easily have the real-time conversations needed to advance a cutting-edge campaign, launch a new product or break the latest news story. Convo, an interactive workspace, is made for people who thrive on the creative process and who want to “get there first”. The company (formerly Scrybe) has recently reincorporated in the United States and is headquartered in San Francisco with an offshore office in Pakistan.
About Morgenthaler Ventures
Morgenthaler Ventures is a premier venture capital firm, dedicated to helping entrepreneurs build valuable companies for more than 45 years. The firm has invested in more than 300 companies, and currently focuses on early-stage, capital-efficient software companies. Convo joins Morgenthaler Ventures’ past and present portfolio companies, including: Lending Club, Evernote, Siri, MuleSoft, Nominum, NuoDB, Voltage Security, Jaspersoft , PeopleMatter, Check, Doximity, Socrata, Adara, Rhythm NewMedia, Wize Commerce (NexTag), Overture Networks and Apple. More portfolio information can be found at www.morgenthaler.com/all-portfolio-companies. The firm is headquartered in Menlo Park, CA.