Jostle closes $2M new private financing
Jostle Corporation has raised $2 million in new equity funding. Jostle has now raised $6.6 million, all from private individuals. It has 64 shareholders, including most employees and all directors, including Chairman Don Bell (co-founder of WestJet), Gerard de Leeuw, and Lee Smith.
Jostle intends to use new funds to further accelerate customer acquisition and to enhance its reinvention of the employee intranet.
“We are blessed with shareholders who are strong business leaders that understand the power of what we are doing,” said Jostle CEO and cofounder Brad Palmer. “The market is also appreciating our unique approach — our recurring revenue grew 35% this quarter, up from 29% in the prior quarter. These funds will help us continue that rapid growth, building substantive value into our company.”
“Jostle is delighting it’s customers and enjoying annual contract renewal rates in excess of 94%,” added Bell. “This investment round will allow the team to continue to build its vision for helping leaders create amazing organizations.”
Jostle’s cloud-based platform helps organizations enable their employees and drive their culture, in simple and engaging ways. It competes with conventional intranets (internal website portals) and emerging enterprise social platforms like Yammer and Jive.