SANTA MONICA, Calif. -- (BUSINESS WIRE) -- TigerText, the leader in secure, real-time messaging for the enterprise, today announced it closed a $21 million series B round of funding. The investment round was led by Shasta Ventures who was joined by OrbiMed, Reed Elsevier Ventures, and TELUS Corporation, along with returning Series A investors, Easton Capital, New Leaf Venture Partners, and New Science Ventures.
“We are very excited to collaborate with companies that are changing – and shaping – the future of mobile communication,” said Sean Flynn, Partner at Shasta Ventures. “TigerText is one of the first companies that meets the critical needs of enterprises when it comes to providing a secure, easy-to-use vehicle for communicating in real-time.”
“2013 marked a year of strong growth for us,” said Brad Brooks, Co-Founder and CEO of TigerText. “This new capital will help support our continued expansion efforts and fuel future growth as the demand from enterprises for our secure mobile messaging solution accelerates."
In 2013, TigerText achieved its third consecutive year of triple-digit sales growth, as sales climbed more than four times the previous year. Working with 7% of the Fortune 500 companies and dozens of the top 100 hospitals in the U.S, the number of new TigerText customers grew by triple digits, while customer retention remained greater than 95%. The Company’s rapid growth can be attributed to enterprises adopting TigerText’s security-driven messaging solution to safeguard their communications, improve collaboration, and comply with industry regulations.
Through the TigerText app, staff and colleagues can securely message each other from any smartphone, tablet or computer within an environment that can be managed by the enterprise. TigerText addresses the increased proliferation of SMS into workplace conversations that are not industry compliant and can pose data breach risks to companies.
“I’m impressed by both the innovation they have brought to the market, and how well they have executed,” said Steve Yecies, Venture Partner at OrbiMed. “TigerText has the team, technology and vision to scale within the mobile messaging space and has a strong record of success with their customer acquisition model and remarkable sales growth.”
Key TigerText achievements in 2013 include:
For more information about this round of funding, visit: http://www.tigertext.com/next-chapter.
TigerText is the leader in secure, real-time messaging for the enterprise. TigerText’s encrypted messaging platform keeps communications safe, improves workflow and complies with industry regulations. Developed to address the security needs, BYOD policies, and message restrictions in the enterprise, TigerText is committed to keeping mobile communications secure, private and impermanent. More than 3,000 facilities have adopted TigerText, including leading organizations like Adventist Health, the University of Kentucky HealthCare, and Scottsdale Health Partners, which rely on TigerText to combat such challenges as the HIPAA Omnibus Rule changes, comply with industry standards and replace unsecured SMS text messaging that leaves protected health and other confidential information at risk. The company was recently named one of the top five companies that transformed enterprise communication in 2013. For more information visit http://www.tigertext.com, http://www.facebook.com/tigertext, or http://www.twitter.com/tigertext.