2010 Top 10 finalist Jostle announced yesterday that it has secured a further $2 million equity investment.
This financing round was fully sold to private investors, continuing the company’s tradition of independence from institutional investors. Jostle is using these funds to further accelerate customer acquisition and to enhance its reinvention of the employee intranet.
“We are blessed with shareholders who are strong business leaders that understand the power of what we are doing,” commented Jostle CEO and cofounder Brad Palmer. “The market is also appreciating our unique approach — our recurring revenue grew 35% this quarter, up from 29% in the prior quarter. These funds will help us continue that rapid growth, building substantive value into our company.”
Jostle’s cloud-based platform helps organizations around the globe enable their employees and drive their culture, in simple and engaging ways. It competes with conventional intranets (internal website portals) and emerging enterprise social platforms like Yammer and Jive. Thanks to its elegant, work-relevant approach Jostle is achieving employee participation rates of over 85%, measured across all its customers. That’s over five time industry norms.
Jostle has raised $6.6 million to date, all from private individuals. It has 64 shareholders, including most employees and all Directors.