Wednesday, February 27, 2008

HiveLive Secures $5.6M in Series A Funds

HiveLive Inc., a developer of enterprise social-networking software, announced Wednesday that it has concluded its first round of venture financing after raising $5.6 million. HiveLive credited Grotech Capital Group with leading the effort. Current private investors also contributed, HiveLive noted, adding that its total funding to date, which includes angel investments of $2.2 million, is $7.8 million. HiveLive said it will use the money to fund growth and innovation. In a related move, Joseph R. Zell, a general partner with Grotech, has joined HiveLive's board of directors, effective immediately. HiveLive is a privately held company headquartered in Boulder, Colo. More information »