Monday, August 25, 2008

Sigma sets up $8M funding for Demandbase

By Mass High Tech Staff

Sigma Partners led the latest funding round for Demandbase Inc., a San Francisco-based web B2B company, which brought in $8 million in the round.

Also participating in the venture funding were Altos Ventures and Adobe Systems Inc. According to Demandbase, the funding will be used for further development of the company’s technology platform, Demandbase Central, and to promote adoption of its first two on demand services, Demandbase Stream and Demandbase Direct.

Demandbase Stream is a free, downloadable, web application that enables sales and marketing professionals to find out which businesses are visiting their website, their interests, and who to target, in real-time, by connecting the free application over the web with Demandbase Direct.

As part of the funding, Bob Spinner from Sigma Partners will join Demandbase’s board of directors. The company was founded in 2006.

Founded in 1984, Sigma Partners focuses on early-stage venture capital investment. With over $2 billion under management, Sigma has offices in Boston and in California. The firm is currently investing Sigma Fund 8, a $500 million fund raised in 2007. Among its portfolio companies are EqualLogic Inc. which was acquired by Dell Inc. in November of 2007 for $1.4 billion, and Virtusa Corp.