Spiceworks, an Austin, TX, based professional network for IT, has closed a Series E round funding of $57MM led by Goldman Sachs. The Company has raised a total of $111MM from Austin Ventures, Shasta Ventures, Institutional Venture Partners (IVP), Adams Street Partners, and Tenaya Capital. David Campbell, managing director in Goldman Sachs’ Merchant Banking Division, will join the Board of Directors. The funds will go towards new product development, growing the team and user growth.
The Company’s mission is to transform the $3Tr IT industry and fundamentally change how IT products are managed, marketed and sold. Currently, 5MM IT professionals, 1/3 of the world’s total, and over 3,000 of the world’s technology brands use Spiceworks to connect with one another and learn about the latest technologies. Spiceworks is used by IT professionals in over 200 countries to manage 170MM hardware devices and more than 10Bn traditional and cloud-based application installations. Collectively, IT professionals in Spiceworks spend more than $525 billion on technology products and services each year.
The Company is planning to build a single pane of glass where IT professionals can manage the network infrastructure, get the expertise and advice to help you do your job, and research, find & buy the IT products and services you need. They will open up the Spiceworks platform such that developers can build applications on top of the platform. Spiceworks currently has 250 employees but intends to grow 40% this year.