The London-based document collaboration startup Huddle is announcing a monster round of funding, bringing in $US51 million.
Huddle is an enterprise software product used by governments and big businesses to coordinate work on documents.
The valuation of the company is undisclosed. However, similar companies have previously seen valuations at about seven times the price of the latest investment round, implying that Huddle might be worth $US350 million. For a UK company, a $US50 million-plus funding round is a massive sum.
Companies like Beats by Dre use Huddle to share sensitive design documents with their suppliers. Groups of employees can work on files, and the software controls who can access which files while keeping logs of edits.
The new funding is Huddle’s series D round. It previously raised about $US40 million from venture capital funds and angel investors. The new investment was led by Zouk Capital with participation from the Hermes GPE Environmental Innovation Fund.
Huddle says it will use the funding to expand across Europe and the US, as well as to double the size of its product team.
The company has an impressive list of customers. Eighty per cent of central government departments in the UK use Huddle, while US government agencies like NASA and the office of the Secretary of Defence are also using the software. It’s not just governments that use the software, though. Huddle says that 80% of Fortune 500 companies are customers.