Cotap Raises $10 Million in Financing Round Led by Emergence Capital Partners
SAN FRANCISCO, Calif., January 28, 2014-- Cotap, the leading enterprise mobile messaging service, today announced it received $10 million in its second round of funding, bringing its total financing to $15.5 million. Emergence Capital Partners led the round, with participation by existing investor Charles River Ventures. Cotap will use the additional financing to rapidly scale its engineering, sales and marketing teams to drive growth and innovation as well as expand Cotap to new mobile platforms.
"Mobile is as big a paradigm shift in enterprise software as cloud computing, the type of change that only comes around once every decade. We now have the opportunity to use mobile to connect and empower every employee in every company in the world, not just those people traditionally categorized as 'knowledge workers.' Cotap's mission is to make every worker a knowledge worker," said Jim Patterson, founder and CEO, Cotap. "This new capital provides us with the flexibility to expand quickly and strategically, as well as fuel adoption and engagement in the enterprise."
Cotap is a secure mobile messaging app for employees to connect and collaborate across departments and geographies. Anyone with a work email address can sign up for Cotap for free and easily find and message anyone in their organization without the hassle of asking for multiple phone numbers. Users can also sync their calendar to message meeting attendees with important updates or changes.
"We believe that mobile messaging will become an increasingly important, if not primary, means of communication at work. The Cotap team has proven its ability to create products that deliver huge value for companies by engaging and connecting millions of business users," said Jason Green, general partner, Emergence Capital Partners. "Emergence is excited about the traction and virality that the product has generated in a very short time, and we want to provide the funding and support for this team to extend its leadership in this new sector."
"Cotap is well positioned to direct the future of work communication and provide its users with a truly intuitive and innovative way to engage with coworkers," said George Zachary, partner, Charles River Ventures. "Our initial investment in Cotap and continued support through this round demonstrates the strong belief we have in the company's continued success."
Launched in October 2013, Cotap already has over 6,000 companies using its iOS app. Cotap for Android is expected to launch in Q1 2014 along with the premium version of the service. Anyone can request an invitation to join the premium beta today by visiting cotap.com/business and entering their work contact details.
About Emergence Capital Partners
Emergence Capital Partners, based in San Mateo, Calif., is the leading venture capital firm focused on early and growth-stage business cloud companies. Its mission is to empower business users and organizations around the globe by funding leading business applications. The firm's investments include companies such as Salesforce.com (CRM), SuccessFactors (SFSF), Veeva Systems (VEEV), Yammer (acquired by Microsoft), Box, and Lithium. Emergence Capital has $575 million under management. More information on Emergence Capital can be found at http://www.emcap.com.
Cotap is a San Francisco-based company bringing mobile-first communication to the workplace. Cotap provides a simple and secure messaging solution for colleagues to connect and collaborate with each other from their mobile device. Backed by Charles River Ventures and Emergence Capital Partners, the company was founded by Jim Patterson and Zack Parker, former Yammer executives with backgrounds in mobile communication and enterprise software. The Cotap app is free and available for download in the App Store. For more information, visit the website and follow @Cotap on Twitter.
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