Freeware Vendor Spiceworks Grabs $16 Million In VC Funding
January 12, 2010 5:42 PM ET
Free IT management software developer Spiceworks has secured $16 million in its third round of venture capital funding, the company said Tuesday. Spiceworks, an Austin, Tex.-based company profiled by Channelweb.com in our Emerging Vendors section last year, now claims to have a user base of more than 850,000 IT professionals around the globe.
"Over the past four years Spiceworks has transformed how IT professionals around the world manage technology, get information and advice from their peers, and find the products and services they need," said Scott Abel, co-founder and CEO of Spiceworks, in a statement.
The company's Series C funding round was led by Institutional Venture Partners (IVP), an investor in such startups as Twitter, and also included Austin Ventures and Shasta Ventures.
"The disruptive business model Spiceworks has created will profoundly change the way technology products are marketed, sold and managed," said Steve Harrick, an IVP general partner who was named to the Spiceworks board of directors as part of the funding round.
Spiceworks derives revenue for its system management platform through advertisements that appear in the user interface that in-house IT professionals and managed service providers utilize to deploy an ever-growing set of Spiceworks software tools.
According to Spiceworks, that freeware model has attracted smaller MSPs as an alternative to license fee-based platforms from the likes of N-able, Level Platforms and Kesaya.
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