Joincube (www.joincube.com), an enterprise social network based in Buenos Aires targeting companies in Latin America, has raised $500K in funding from unnamed US angel investors looking to gain exposure to the social enterprise collaboration space.
May 19, 2014 (Newswire) - Joincube (www.joincube.com), an enterprise social network based in Buenos Aires targeting companies in Latin America, has raised $500K in funding from unnamed US angel investors looking to gain exposure to the social enterprise collaboration space in the fast-growing region of Latin America.
The platform brings the ease-of-use and connectivity of social networks to the workplace in order to help companies dramatically improve the sharing of information between project teams and different functional areas within the company. The result is fewer meetings, reduced email clutter and increased team productivity.
Latin America is a prime candidate to rapidly adopt and benefit from enterprise social network technology. According to a report by comScore, 5 of the top 10 most engaged markets in Social Networking are located in Latin America and the average time spent on social networking sites per user per month is nearly twice the global average. Additionally, there is a large group of companies in the region looking to digitalize their business processes in order to accelerate and improve their business models.
Joincube's client base of businesses, universities and non-profits is growing rapidly, having experienced 400% growth in the last year, reaching over 2500 organizations. The company plans on opening offices in Chile and Brazil later in 2014 to accelerate its growth in the region. Notable success cases include the University of Sao Paulo, La Universidad de San Andres and Movistar.
"We see a massive opportunity in the Latin American market, especially in Brazil and Mexico", says two-time entrepreneur and CEO Mariano Rodriguez Colombelli. "We estimate that the market size for social enterprise collaboration software in LatAm will reach US$ 1.2 billion by 2018."
Joincube was accelerated by both Wayra and Startup Chile and has an important relationship with the leading telecom company in the region, Telefónica. In addition to being one of Joincube's primary shareholders, Telefónica has a key distribution agreement to offer Joincube's platform to its 4 million small and mid-size business clients in the region.