Speechbobble Completes $1.5 million Angel Financing
TORONTO, Ontario - May 10, 2011 - Speechbobble™, one of Canada’s fastest growing enterprise social networking companies, today announced the completion of its angel round financing with prominent investors from Ottawa and Toronto. The Company was founded by Dr. James Norrie, a social media luminary; Ryan Chong, a “top 30 under 30” technology award recipient in social networks; and, Ken Killin, a seasoned Canadian financial executive.
According to market researchers, enterprises will spend up to $4 billion on enterprise social applications over the next three years. The space has attracted numerous participants, both start-ups and investors. While Wall Street is expecting social media IPOs this year, savvy investors are now focused on the business use of social software as their next value play. For example, Canada has become a hotbed for social business applications with over $500 million already invested in the form of acquisitions and growth financing during the past year alone.
“Canada rapidly became a Facebook nation, ranking first among number of social networking users in the early years and still going strong,” said Dr. James Norrie, Chief Social Media Scientist to Speechbobble. “It’s fitting that it’s now attracting its share of investment in social business software. We’re pleased that we have completed this funding and are looking forward to maintaining our momentum in this rapidly growing market.”
Speechbobble has commercialized its social platform with one of Canada’s leading telecom companies and has engaged with a dozen US and Canadian customers to bring its technology to market this year. The firm aims to attract one million business subscribers on its secure cloud service within the next twelve months.
“Business users are seeking new ways to leverage the power of crowd sourcing in a way that was not possible with legacy collaboration products,” said Paul LaBarge, Speechbobble Board Chair, and founding partner of LaBarge Weinstein, one of Canada’s leading technology law firms. “While many are focused on customers and media monitoring today, more and more are focusing efforts on their employees, partners and business ecosystems. Speechbobble is designed to harness new ways of communicating and sharing information inside and outside any organization.”
Based in Toronto, Speechbobble provides a private cloud social networking platform to enhance employee collaboration, affect change, guide management decisions, improve performance and reduce costs. The platform captures the collective intelligence of an organization by integrating with existing enterprise tools and the external social web. Specifically, the platform enables efficient idea sharing and workforce planning across geographies, while allowing management to identify key influencers and trends within the organization and to manage rising organizational issues. These capabilities are enhanced with extensive analytics and enterprise grade security in one integrated dashboard. For more information please visit speechbobble.com.
© 2011 Speechbobble Inc.
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