Tuesday, August 28, 2007

Spiceworks Lands $8 Million in Series B Funding

Austin, Texas-based Spiceworks, a developer of free, ad-supported IT management software, announced Tuesday that it has closed its second round of venture financing after raising $8 million. Spiceworks said Shasta Ventures led the effort with help from first-round investor Austin Ventures. Spiceworks added that it will use the money for software development, product promotion, and to support its growing network of subscribers. In related news, Spiceworks reported that Ravi Mohan, Shasta Ventures' co-founder and managing director, and John Hamlin, a former Dell senior executive, have joined Spiceworks' board of directors. Shasta Ventures is based in Menlo Park, Calif. Both Austin Ventures and Spiceworks are headquartered in Austin, Texas. More information »