Social Events Platform DoubleDutch Raises $10 Million Series C Led By Bessemer
Rapidly growing mobile events application platform DoubleDutch raised $10 million in Series C funding TechCrunch learned, in an oversubscribed round led in large part by Byron Deeter of Bessemer Venture Partners, who will now join the company’s board. Previous investors from DoubleDutch’s A and B rounds, Floodgate Fund, Bullpen Capital and others also participated.
The funding comes at a time when DoubleDutch has moved to singularly focus on developing its mobile event technology, while abandoning its other products including a fairly popular mobile CRM application known as Hive. When speaking with CEO Lawrence Coburn this morning about the funding, he characterized the decision to shutter Hive as one of the toughest he’s ever had to make – especially considering that previous rounds were raised based on Hive’s promise and potential. Ultimately, however, Coburn said it was the right thing to do.
Hive, which closed this January, had 1,000 or so free customers and a small number of paying users. Meanwhile, the events product had been growing at 40 to 50 percent per quarter, including deployment, users and revenue.
“On the CRM side, we were squarely in Salesforce’s radar,” explains Coburn. “The one thing I couldn’t get my head around was how did our mobile CRM give us a defensible position against Salesforce? Really, it was a beautiful UI [user interface] that sat on top of Salesforce,” he says. “It was a presentation layer over their tech.”