’s Unannounced Funding

The company raised another $7.1 million this month from its current investors — Draper Fisher and U.S. Venture Partners — but kept mum, allowing the new money to be revealed instead by an SEC filing.

Marketing VP Jen Grant told me it’s not a new round, but an extension of the $6 million Series B that raised nearly two years ago, in January 2008. (There was also a $1.5 million Series A round in 2006).

“We decided not to go for a Series C given the economic climate,” she said. “It’s not the valuation we would want.” is about a year away from being cash-flow positive and profitable, according to Grant, and it does have technology that people want — it’s selling access to a software platform developed by the founders when they were college students that’s now being used by businesses to store and share content.

Just yesterday, announced an alliance with that will expose’s software to Salesforce customers, and it acquired another company out of Draper, Fisher’s portfolio this month — Increo Solutions, whose technology will let customers add notes to documents, embed them and preview them in a simpler way. is not disclosing details of this acquisition, but Grant said she didn’t know if “from a revenue model, Increo was comfortable with where they were going.” Draper Fisher introduced the two companies, she said — wasn’t looking for an acquisition and had never made one before, but the technologies fit.

Two venture capitalists told me recently that they believe almost no new money is going into funding rounds — that investors are instead supporting the companies they have, if they’re worth supporting, and waiting for better times.

That looks like the case here. “Our investors are big supporters and big believers and they want us to make it to profitability,” Grant said. “They put in a little more money to make sure we didn’t dilute further.”