DFJ Esprit has inked its fourth deal in Ireland this year after leading a €2.5m Series A financing round for Datahug, a business networking automation company that boasts customers including professional services firms Grant Thornton and BDO.
The funding from DFJ Esprit – the European partner of Silicon Valley’s Draper Fisher Jurvetson – follows Dublin-based Datahug’s significant market traction over the past twelve months, including double digit new client wins and expansion into the US.
Datahug was founded in 2010 and helps companies drive sales and business development by systematically pinpointing who knows who across a company’s network of connections, allowing the business to tap into previously unknown relationships to fuel business development.
It works by indexing existing communication logs – such as emails, contacts and calendar data – to create an enterprise-wide picture of who knows who, and then attributes a ‘HugRank’ score to show how well they know them.
It also integrates with individual workflow so that users can access their business network whilst using Salesforce, Google, and LinkedIn.
DFJ Esprit’s investment will enable Datahug to expand its reach in the US and beyond, and with it build on the company’s customer base across a variety of industry sectors.
The deal is DFJ Esprit’s fourth in Ireland this year, following investments in Imagine Communications, Mobile Travel Technologies, and the winner of the Irish Times Digital Challenge, GetBulb.
“Datahug is completely transforming business development – we’ve already witnessed this to fantastic effect ourselves at DFJ Esprit,” said DFJ Esprit partner Brian Caulfield.
“We see social enterprise as a major trend with global potential, and Datahug’s approach to applying this to the sales arena is revolutionary.
“We look forward to supporting Datahug’s international journey as we continue to back the next generation of disruptive startups in the global software market.”
DFJ Esprit, which has over $1.1bn of funds under management chiefly focused on European high growth companies, was a key investor in LOVEFiLM, which was bought by Amazon last year.
Earlier this month the firm sold its fifteenth investment in three years by selling French computer testing software provider EVE, meaning it has now sold portfolio companies with a total enterprise value of $2.1bn since January 2010, including Kiala and Zeus.
Its activity represents almost one third of all European venture-backed M&A over $40m during the period.
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