This new funding adds to the previous rounds to bring Spicework’s total investment to $111 million. The company has named David Campbell, managing director in Goldman Sachs’ Merchant Banking Division, to its board of directors.
Goldman Sachs led the funding round with participation from existing investors such as Adams Street Partners, Tenaya Capital, Austin Ventures, Institutional Venture Partners and Shasta Ventures.
Scott Abel, co-founder and chief executive of Spiceworks said, “Spiceworks has reached the tipping point all high-growth, successful social and professional networks experience as they evolve to reshape how we do business. As the professional network for IT, we have a unique opportunity to connect IT professionals and technology companies in entirely new ways. By coupling the best professional networks have to offer with tools and resources IT professionals and marketers need to do their jobs, we’re excited to reinvent a multi-trillion dollar industry.”
Spiceworks plans to use this money to expand its global network of IT professionals and technology brands while helping them transform how IT products are marketed, sold and managed in the $3 trillion IT industry.
“The emergence of professional networks like Spiceworks represents the next wave of social innovation,” said David Campbell of Goldman Sachs. “Spiceworks has a unique platform for technology brands to directly access a rapidly-growing, critical, and underserved market of IT professionals that commands over $525bn of spend today.”