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Cloud content management company SpringCM closed a $6 million financing this week, not long after it raised $18 million in April. In total, SpringCM has raised $45 million since 2010.
A 400 percent increase in upsells (existing customers buying more) during Q2 led SpringCM to close this round, which is a mix of debt and equity financing, because they need it for more sales hires, founder and CEO Greg Buchholz said.
“This growth rate is a testament to the caliber of our Customer Success team, as well as, the broad feature set in our SpringCM platform, so we need to hire aggressively to keep up with the growth in our Customer Success department,” Buchholz said.
Buchholz has already promised that the now 100-person company will reach at least 200 employees by next year; about 150 of those will be based in Chicago, with the rest working in San Francisco.
These West Coast employees are essential to SpringCM’s operations in terms of customer interaction (50 percent of their customers are also customers of San Francisco-based Salesforce) and in terms of partnerships (like a recent one with Palo Alto-based Steelbrick).
“We are beefing up our partner activities, both in terms of sales and marketing activities,” Buchholz said. “The efforts underway with Steelbrick have had a number of joint customer successes and we are currently working on at least a dozen opportunities together. We are also working with partners that are looking to build an application on top of SpringCM's content management platform like a very successful partnership underway with a company in Texas that focuses on independent school districts and the management of student records.”
Buchholz said he is looking to have similar partnership conversations with Chicago companies with vertical market expertise (“Although Rick Perry might suggest otherwise,” he said). With these strategic partners, Buchholz said SpringCM will keep its lead in the enterprise content management space.
“We can do more in automating a business process than anyone who’s out there," Buchholz said in April. "We want to keep that lead.”
Want to meet the SpringCM team? Chief Revenue Officer Karry Kleeman will be leading a session at the Midwest Dreamin’ conference, which caters to Salesforce admins and devs, today at Navy Pier.
