Software Startup Focused On Very Small Businesses Raises $500,000 in Seed Round Investment
Cambridge, MA - June 14, 2006 -- HubSpot LLC, a software company offering enterprise-class applications right-sized for very small businesses, announced today that it has raised seed round funding totaling $500,000 from private investors.
The company was founded in 2005 by Dharmesh Shah and Brian Halligan while both were graduate students at MIT. Both have extensive experience in the software industry and started HubSpot to provide the benefit of enterprise software to the millions of very small businesses (VSBs).
HubSpot has created the industry's first totally integrated suite of hosted business applications including a contemporary website, customer relationship management (CRM), project management, time tracking, expense tracking and employee collaboration tools. These applications give small firms a simple way to gain the advantages that previously were available only to large enterprises. "Small businesses want a simpler way to keep up with technology," said Shah. "Instead of managing multiple vendors each with their own complicated software applications, we deliver a solution that is designed from the ground-up for very small businesses. HubSpot becomes the central hub for these small businesses to connect with their employees and clients." Prior to co-founding HubSpot, Shah was a founder and CEO of Pyramid Digital Solutions, a software company that created web solutions used by tens of thousands of businesses in the financial services sector. Pyramid was acquired by SunGard Business Systems in 2005.
"One of the key challenges in the VSB market is that it is highly fragmented," commented Halligan. "We are taking a unique approach that combines the power of Internet marketing and distribution with a highly focused product strategy that provides mass-customization to individual micro-verticals in the long tail of the VSB market." Prior to co-founding HubSpot, Halligan was head of worldwide sales for Groove Networks, the P2P collaboration company founded by Ray Ozzie and acquired by Microsoft in 2005.
About HubSpot LLC
Headquartered in Cambridge, Massachusetts, HubSpot provides a simple and unified set of software applications delivered as a hosted service for very small businesses. The company is privately funded and maintains a web presence at http://www.hubspot.com
For more information, contact:
Dharmesh Shah
HubSpot LLC
Tel: 617-674-2100
e-mail: dshah@hubspot.com