NBIF and GrowthWorks Atlantic Invest In IntroHive
The New Brunswick Innovation Foundation (NBIF) and GrowthWorks Atlantic Venture Fund have co-led an investment of $1.8 million in IntroHive. NBIF invested $250,000. The company markets cloud-based software that lets organizations to analyse their employees' connectedness, and uncover relationships for internal sales people that could lead to new customer development.
“This is a great product for companies that have large sales divisions,” says NBIF Chair Robert Hatheway, “if a sales person on one side of the country is targeting a specific prospect, the system can tell if anyone else in the company already has a connection to them, and the relative strength of that connection.”
Co-founded by Jody Glidden and Stewart Walchli, the company’s R&D and operations are located in Fredericton, New Brunswick, with sales offices in Washington, DC. The capital infusion will be used to expand the company’s North American marketing strategy. Their previous enterprise software company Chalk Media, also of Fredericton, New Brunswick, was bought by Research In Motion in 2009.