Passenger (profiled by JackMyers Media Business Report back in January) announced today that it had closed its Series C round. The investment was once against led by StarVest Partners; both Steamboat Ventures and Shelter Capital Capital also re-upped their participation. To date, the company, which offers Software as a service (SaaS) with a focus on customer collaboration, has raised a total of $20.5M.
Justin Cooper, co-founder and Chief Innovation + Marketing Officer, believes that the monies will fast track the firm to profitability and aid them as they expand their practice to the UK. Clients have included ABC Studios, BP, Chrysler, JCPenney, Coca-Cola, Disney, and AmEx. In the last twelve months Passenger has experienced a tenfold increase in revenue and doubled its headcount to fifty-six full-time employees. Many of their clients are now launching multiple communities which has led to a 62% spike in monthly billings.
Cooper told JackMyers Media Business Report that "We haven't seen the economy affect our business. There's no better time to innovate." In addition to the desire to wring efficiencies from systems, there is an epiphany that Cooper refers to here as a "Moment of Truth": Do what matters and leave the rest for another day. Cooper points out, "Innovation isn't just the cliche of what's new but can actually focus a company on what's working and what's not.