Million Dollar Babies: Cloud Startups Get Big Funding Bumps


Cloud financial management and accounting software upstart Intacct picked up an additional $12.3 million in financing in June in a round led by Split Rock Partners, a venture capital firm that focuses on emerging software and Internet services companies. Other investors, including Bessemer Venture Partners, Emergence Capital, Sigma Partners and Sutter Hill Ventures also participated. According to San Jose, Calif.-based Intacct, the company will leverage the funds to fuel an aggressive hiring plan and accelerate growth. The company recorded 250 percent year-over-year growth in the third fiscal quarter 2011, a boost that included a ten-fold year-over-year increase in new business driven through the VAR channel.

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