Spigit raises $10 million

Chris Caceres · October 15, 2009 · Short URL: https://vator.tv/n/b36

Idea management platform gets Series B round from Warburg Pincus to expand globally

Spigit, a provider of an innovation management platform, announced on Thursday that it raised a $10 million equity investment from Warburg Pincus.  The startup has raised a total of $14 million to date with today's Series B round.

The company offers a solution for businesses and all the ideas of its employees which float around on a daily basis.  For example, an employee has an idea to sell a product more efficiently.  They contribute that idea onto Spigit instead of letting it get lost in their busy day.  But one figures, why would they take the time to contribute to this software based platform?  Here's why, Spigit has a point system which rewards employees with virtual currency in which they can redeem gifts like a brand new TV.  It also has algorithms which measure the value of an individual's contributions and expertise.  There's all sorts of possibilities with Spigit's platform and the employer can pick and choose which features they'd like to run.

And the startup has plenty of big-name clients on board.  Some of those include IBM, Walmart, Southwest Airlines, and Lloyds Banking Group.  

Paul Pluschkell, CEO and Founder of Spigit said in the funding announcement, "We are very excited to have Warburg Pincus on board as we work to position Spigit for expansion on a global scale.   We look forward to utilizing both the funding and the valuable expertise of Warburg Pincus to grow our market share and meet increasing customer demand."

All in all, with a nice chunk of cash in its pocket, Spigit should be able to stand up against competitors like BrightIdea, which has built a similar social collaboration tool focused on innovation for enterprises. 

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spigit sells enterprise software to increase efficiency, innovation and revenue.