Igloo Software, a Canada-based digital workplace software provider backed by financial services firm Royal Bank of Canada (RBC), received $47m in funding from growth equity firm Frontier Capital yesterday.
Launched as a private company in 2008, Igloo produces cloud-based software that helps employees communicate and collaborate with each other and engage with information and processes in their workplace.
Frontier’s investment will support an expansion in Igloo’s sales and marketing operations and distribution channels as it looks to grow its presence in North America and further explore an international partnership agreement with software provider Microsoft.
RBC led the company’s $5m series B round in 2012 through its RBC Venture Partners unit, investing alongside Province of Ontario’s C$250m ($200m at present exchange rates) Ontario Emerging Technologies Fund.
Igloo had previously received $4m in another RBC-led round in 2008, closed as it moved to commercialise its technology, which was originally developed in 2004 within Canada-based think tank Centre For International Governance Innovation.
Andrew Lindner, co-founder and managing partner of Frontier Capital, will join Igloo’s board of directors together with Frontier vice-president Dave Pandullo and operating partner Bob Froetscher.