Tungle receives $5m in Venture Capital funding

By Heri Sep 30th 2008 in Finance

Tungle, an online calendar scheduling service for teams (see previous article here), announced today a $5 million in series A funding led by CommonWealth Capital Ventures, with also existing investors, JLA Ventures and Desjardins Venture Capital also participating in the round.

The startup raised initially $1.5 million back in May 2007 from both JLA and Desjardins. It launched the service for MS Outlook in April this year, then released regularly versions for Blackberry handsets and other smartphones devices like the iPhone.

web-based interface for tungle

Today, they also launched the web scheduling version of the service, available for free. Previously, users who wanted to use the service had to download a PC desktop software, a barrier for adoption for many. A web-based version means anyone can now try out the service with any web browser, bypassing OS limitations or IT directives. Also announced were compatibility with Google Calendar, iCal and MS Exchange, which means large teams meeting regularly and having trouble finding common avalaible times doesn’t have an excuse anymore not to use the service.

The new $5m funding is said to “accelerate the company’s marketing and engineering activities”, which I interpret that they have now a mature product. Congrats to Marc Gingras and Mark MacLeod!

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Montreal Tech Watch September 30, 2008

Tungle receives $5m in Venture Capital funding http://tinyurl.com/4apj9m

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George Favvas September 30, 2008

Congrats to the team at Tungle on closing this round. Great news.

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Mark MacLeod October 01, 2008

George, Heri,

Thanks a lot! We’re excited to have the round closed and to have launched the next generation of our scheduling solution. All good…

Mark

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