NBIF And GrowthWorks Atlantic Invest $1.8M In IntroHive

A Fredericton startup that aims to be the”next big thing”in New Brunswick's technology sector has announced a major funding haul.

On Monday, IntroHive revealed the results of its Series A financing round. In all, the company pulled in $1.8 million, including $1 million from the GrowthWorks Atlantic Venture Fund and $250,000 from the New Brunswick Innovation Foundation (NBIF).

IntroHive has now secured a total of $3 million since it was launched in early 2012.

Helmed by CEO and co-founder Jody Glidden, IntroHive has developed data mining software that helps large companies develop new sales contacts.

It works like this: IntroHive's software plugs into a company's network of smartphones and computers, compiling all the contacts contained in those devices.

Those contacts, drawn from address books and email accounts, are pooled together in a digital corporate Rolodex.

The database can then be searched by the company's managers and sales team – allowing them to see if anyone in their own company is connected with an outside firm they'd like to do business with.

In other words, IntroHive's software allows someone from company X to contact company Y – with the help of a recommendation from a co-worker.

The software helps replace cold calls with “warm” introductions. According to Glidden, those warm introductions will help generate new sales for IntroHive's users.

The company currently has about 40 large clients signed on. The recent infusion of investment cash is expected to help Glidden's startup expand its sales and marketing reach.

“It's huge for us,” he said of IntroHive's fundraising success.”I think we're about to be the next big thing.” The startup's investors seem to agree.

Peter Clark, the vice-president of GrowthWorks Atlantic, says the potential market for IntroHive's software is immense.

“It's not restrained geographically,” Clark said. “This is software that can be used in North America, in Europe, in Asia – at any company where there is a business-to-business sales force.” According to Clark, GrowthWorks was also attracted to IntroHive because of Glidden's entrepreneurial record.

His first startup, IC Global, was sold in 2001 for an amount”in the millions.” In 2009, Glidden sold Chalk Media to Research in Motion for $30 million. He joined the ranks of RIM and eventually reported directly to former co-chief executive Jim Balsillie.

Glidden departed the BlackBerry maker at the end of 2011, intent on launching another startup. The result is IntroHive, which employs former RIM workers and is backed, in part, by former RIM executives.

“A big part of what attracted us to IntroHive is Jody Glidden,” said NBIF chairman Robert Hathaway. “He's a super-talented guy with a great track record.” Though originally from New Brunswick, Glidden is now based in Miami. He moved to the United States during his time running Chalk Media, which was largely focused on American customers.

Despite his distance from IntroHive's Fredericton headquarters, Glidden displays little doubt about his company's prospects.

He notes that major players are “gravitating” toward his startup. For instance, IntroHive's advisory board will likely soon include senior executives from Radian6.

“People see us as one of the bigger potential success stories around here,” he said.

BY QUENTIN CASEY FOR THE TELEGRAPH JOURNAL | link to original article (subscribers only)