Wednesday, October 1, 2008

Commonwealth Capital leads $5M first funding for Tungle

By Mass High Tech Staff

Web-based scheduling service company Tungle Corp. has landed $5 million in a Series A round of funding led by Waltham-based Commonwealth Capital Ventures. According to officials at Montreal-based Tungle, the funds will be used to boost the company’s marketing and engineering efforts.

Previous investors, including JLA Ventures and Desjardins Venture Capital, also participated in the round.

Tungle also unveiled the beta version of its free web scheduling service. It allows customers to securely share their calendar across company boundaries with other Tungle users, officials said. The service works with Microsoft Corp.’s Outlook — with or without Microsoft Exchange — as well as Google Calendar, Apple iCal, Entourage for Mac, or on its own.

Officials say that Tungle is optimized for all mobile environments as well, including the BlackBerry, iPhone or any other smartphone.

Jeffrey Hurst, general partner with Commonwealth Capital Ventures will join Tungle’s board of directors as part of the financing deal.

Commonwealth Capital Ventures, founded in 1995, has more than $580 million of committed capital under management. Among its portfolio companies are Somerville-based The Echo Nest Corp., BBN spinout EveryZing Inc. in Cambridge, and Bedford mobile game controller maker Zeemote Inc.