South African cloud-based service provider, KnowledgeTree has announced the closing of a $4.75 million Series-B round of venture capital financing.
KnowledgeTree says it will use the new funds to capitalise on significant interest in its social and enterprise-focused document management solutions.
The latest round includes funding from River Cities Capital Funds, Core Capital Partners, Hatteras Funds, and lead Series-A investor, Hasso Plattner Ventures Africa.
KnowledgeTree says its cloud-based tools help companies – including Alcatel-Lucent, Inmarsat and Vanderbilt University create – discover and manage business documents anywhere.
Delivered through the browser as software-as-a-service (SaaS) and through mobile applications, KnowledgeTree can be customised by business users without developer support, providing rapid return on investment, it says.
KnowledgeTree also announced two additional members to its board of directors: Edward McCarthy, Raleigh-based managing director of River Cities Capital Funds; and Will Dunbar, managing director of Core Capital Partners.
“Every single organisation struggles to create, organise and manage its business documents. That’s why this is a multi-billion dollar market,” said McCarthy. “But what makes this opportunity special is KnowledgeTree’s enterprise-ready, cloud-based solution. The team has already proven that potent combination at hundreds of companies globally. Now I’m excited to see it further disrupt the historic players in this space.”
“At many of the world’s largest organizations, KnowledgeTree has proven the value of a structured social approach to managing documents,” said Daniel Chalef, chief executive officer of Knowledge Tree.
“With the new funding, KnowledgeTree will rapidly scale our success in customer acquisition while evolving our product’s features to meet the market’s need for business-centric and social document management tools.”
KnowledgeTree has its roots in South Africa, but has since moved its headquarters to Raleigh, North Carolina. Company co-founder, Chalef, and COO, John Thorne are both South Africans, whilst the company still boasts a large presence in Cape Town.
Hasso Plattner Ventures Africa, based in Cape Town, South Africa, is the largest technology focused venture capital fund in Africa with most of its capital committed by SAP co-founder and Chairman Prof. Dr. Hasso Plattner.
The company’s portfolio includes KnowledgeTree and African mobile telecommunications company Inala Technologies.