Global Growth Equity firm IGC leads funding round to accelerate Spigit growth; Spigit announces 185% new subscription revenue growth
SAN FRANCISCO, CA (Oct 27, 2015) – Spigit, the leading SaaS provider for crowdsourcing innovation, announced today that its parent company Mindjet Corporation has raised $13 million in new financing led by its largest current investor, Investor Growth Capital (“IGC”). Spigit will use the additional funding to amplify global sales and marketing efforts, as well as expand research and development.
Record Momentum for Spigit Business
Spigit is used by Fortune® 500 companies in the financial services, insurance, systems integration, pharmaceutical, healthcare, and technology sectors. Spigit customers include Citigroup, Pfizer, UnitedHealth Group, IBM, Polaris Industries, and PricewaterhouseCoopers (PWC). Spigit customers have earned over $1 billion in revenue from Spigit-backed innovation programs. Over the past year Spigit has shown tremendous quarterly and annual results, achieving:
- 185% year-over-year increase in Q3 new customer subscription revenue
- 178% year-over-year increase in new users YTD
- 4.5 million total users in over 150 countries
“Today’s markets move at the speed of light, and innovation is critical for all businesses to compete. Every business recognizes that engaging employees and customers is critical for their success and competitive advantage,” said Noah Walley, President of IGC. “Spigit has established itself as the clear leader in innovation through its unmatched technology, global customer base, and strong leadership. I look forward to continuing to work with Scott and his team to further accelerate Spigit’s phenomenal momentum.”
IGC is a global venture capital firm backed by Investor AB, with offices in New York, Menlo Park, Beijing, and Stockholm. Since its formation in the mid-1990’s IGC has focused on partnering with exceptional, expansion-stage companies in the technology and healthcare industries. IGC is part of Patricia Industries, a division of Investor AB established to focus on developing Investor AB’s private company portfolio.
“Spigit leads the way in helping companies crowdsource the best ideas for innovation and leverage the collective intelligence of their employees, partners, and customers. Investor Growth Capital’s endorsement and continued support is a testament to our capabilities and the growing demand for Spigit,” said Spigit and Mindjet CEO Scott Raskin. “I am proud of how our software helps customers achieve truly innovative and tangible results. We are experiencing record momentum and I am confident the future is bright for Spigit.”
Spigit Crowdsourcing Software for Innovation
Spigit crowdsourcing software allows companies to draw on the skills and expertise of those crowds already familiar with a company to solve and execute business demands in order to create significantly better results than are typically found by individuals or small teams. In particular, Spigit helps companies:
- Invent new products
- Identify new markets
- Improve customer experience
- Streamline processes
- Increase employee engagement with innovation management
To learn more, please visit www.spigit.com.
Spigit was founded to help companies unleash the power of their employees, partners, and customers to drive innovation. Spigit is the leading software for crowdsourced innovation, and is used by leading companies in systems integration, financial services, insurance, pharmaceutical, healthcare, technology, and more, including IBM, Capgemini, Citigroup, and Pfizer. Spigit’s 4.5M users from 150+ countries have generated over $1 billion in increased revenue from their enterprise innovation programs. Spigit, Inc. is a wholly owned subsidiary of Mindjet Corporation, and is headquartered in San Francisco with offices throughout the U.S., U.K., France, Germany, and Australia. To learn more about Spigit, please visit www.spigit.com.
About Investor AB
Investor AB, founded in 1916, is the largest industrial holding company in Northern Europe with over $30 billion in assets, and a leading shareholder in a number of Global 1000 corporations, including AstraZeneca, Ericsson, Atlas Copco and ABB. For almost a century Investor AB’s business philosophy has been to build best in class companies in sectors in which the group has strong knowledge and a networking advantage. More at www.investorab.com.