US-based secure messaging service TigerText raised $50m in a series C round yesterday led by Norwest Venture Partners (NVP), the venture capital firm managing funds on behalf of financial services provider Wells Fargo.
Reed Elsevier Ventures, the corporate venturing arm of informaton and analytics company Reed Elsevier, also took part in the round, as did Invus Group, Accolade Partners, Shasta Ventures and OrbiMed.
Founded in 2010, TigerText operates an encrypted messaging platform for enterprises, enabling staff to securely and confidentially communicate with each other.
The capital will be used to increase TigerText’s market share, focusing particularly on the healthcare sector, and to continue development of its platform. Robert Mittendorff, principal at NVP, will join TigerText’s board of directors.
TigerText previously secured $21m in a January 2014 series B round led by Shasta Ventures that also featured Reed Elsevier Ventures, telecommunications firm Telus, OrbiMed, Easton Capital, New Leaf Venture Partners and New Science Ventures.
Easton and New Science co-led TigerText’s $8.2m series A round in 2012, closed after the company had raised $1.9m in an angel round led by Herb Madan and Randall Kaplan in 2010.