IGLOO Raises $4 Million

Igloo Inc., a Waterloo, Ontario-based provider of corporate social networking solutions, has raised US$4 million in funding from RBC Venture Partners

PRESS RELEASE

IGLOO Inc., an emerging leader in corporate social networking, today announced the closure of a $US 4 million equity financing round from RBC Venture Partners. The financing enables IGLOO to extend and commercialize its suite of collaborative social networking tools to corporations and other organizations in the rapidly accelerating enterprise social networking space.

Founded in 2003, IGLOO's social networking platform helps hundreds of organizations globally reduce email burden, remove distances across branch offices and inspire teams with new productivity and collaboration tools. The platform was initially developed to support an online international network of researchers, practitioners and educators working on global issues.

Today's round of financing enables IGLOO to extend our web 2.0 social networking platform to corporations for improved social connections and productivity, says Dan Latendre, CEO IGLOO. Attracting RBC Venture Partners as a valued investor clearly shows that social networking software has matured into an important new competitive tool for corporations.

Latendre, an industry veteran in content management software, says IGLOO's suite was developed as a highly secure platform for academic institutions, top researchers and international development organizations to collaborate and share best practices. Now supporting more than 550 online global communities, IGLOO is ideal for companies looking to harness the power of web-based collaboration platforms.

Corporations are embracing Internet based services such as blogs, wikis and other easy-to-use tools that emphasize online collaboration and sharing among users, while reducing the email burden that is choking effective communication, says Kevin Talbot, Managing Director, RBC Venture Partners. IGLOO's suite is a strong offering that blends a fully integrated platform of Web 2.0 tools with the security and administration controls required by corporate IT departments.

IGLOO Inc., is based in the Waterloo region