Wiggio Raises $2.1 Million in Series A Funding
Wiggio, the online collaboration tool, has successfully raised $2.1 million in Series A funding. The Cambridge-based company was founded in 2008 in an effort to create a collaborative communications and business intelligence tool for companies. Wiggio gives users the ability to work in groups, share files and calendars, host web meetings and chatrooms, poll group in real-time, store and edit files in a shared folder, and communicate via text and email.
Dana Lampert, CEO of Wiggio, announced that a substantial chunk of the funding will be used on Wiggio’s mobile initiatives. Wiggio hopes to roll out apps for, la crème de la crème of smartphones including iPhone, Android and Blackberry. The mobile applications will have the functionality of the original site minus the video conferencing capabilities.
Wiggio’s free service has attracted 350,000 users and 750 schools since its launch date. Although, Wiggio’s primary demographic is the college market, the application is also gaining some credibility in the small business market as well.
The company’s user base is modest, but on a steady growth path. Wiggio has seen a 43% increase in its user base in the past 6 months. Not bad. Wiggio also plans to diversify its user base by using the funding to increase the company’s marketing budget to aggressively target school and small business groups.
Expect a shift from free to freemium as well, as Wiggio plans on releasing a “pro” version. The pro version will include increased customization options, security upgrades, hourly back-ups and a tool that helps groups find the best time to schedule meetings and events.
Wiggio’s monetization scheme is not clear cut, as of yet. The company hasn’t announced a set price for the pro package and is still strategizing on how to advertise on their website. Lampert did announce that the company hopes to be profitable by early 2011.
[Photo courtesy of nerdheist.]