Yesware raises $4M, adds Brad Feld to board
Posted by: Kyle Alspach at Boston Business Journal | June 2012 | Read Original Article
Yesware, a startup offering a productivity-boosting email plug-in for salespeople, said Wednesday it's raised a $4 million Series A round and added prominent venture capitalist Brad Feld to its board.
The arrival of Feld — a co-founder of Foundry Group in Colorado, as well as the TechStars startup accelerator program — on the board of Yesware is "outstanding," said company CEO and co-founder Matthew Bellows.
Feld, who earned bachelor's and master's degrees in management from MIT prior to heading to Colorado, "has a lot of ties to the Boston area and comes back here frequently," Bellow said. (See my post on arecent visit by Feld.)
Currently located in Cambridge, Yesware is moving to a 5,000-square-foot office near Downtown Crossing in Boston at the end of the month, and plans to grow to 15 or 20 employees by year's end from its current staff of eight, Bellows said. The company expects to grow to 40 or 50 employees by the end of 2013, he added.
Yesware reports having 40,000 users for its product, double the number it had in January. The plug-in allows salespeople to avoid having to retype common e-mail messages, track whether recipients open the e-mail and sync emails with CRM. The platform can also allow managers to monitor how their salespeople are performing.
The plug-in is available for Gmail currently, but a version for Microsoft Outlook is in the works for release some time this year, Bellows said.
"Gmail is a great place for us to start, but the vast majority of our target market is using Outlook," he said. "We'll be announcing our Outlook strategy shortly."
While the focus at Yesware will continue to be on adding users for the product, the company did roll out paid features in March and now has several hundred paying users, Bellows said.
The Series A funding was led by IDG Ventures and included ongoing investors Google Ventures, Foundry Group and Golden Venture Partners. Yesware previously raised a $1 million seed round in April 2011.