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SocialText Raises New Funding And Hires CEO

Tuesday, November 06, 2007 5:30:00 AM PDT | VentureDeal Staff

PALO ALTO, CA -- Internet company SocialText, Inc. said that it has secured an additional $9.5 million in venture capital funding and has hired Eugene Lee as its new CEO.

SocialText develops enterprise social software to help companies foster collaboration among their employees, vendors and customers.  It utilizes wikis and blogs to facilitate great communication the way that users are most comfortable with.

Investors in the round were Draper Fisher Jurvetson, the Omidyar Network and SAP Ventures.  Proceeds purposes were not disclosed by the company.

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