April 28, 2011, 3:55 PM

A social network for technology purchases raises $25 million

Spiceworks, which has 1.4 million members, plans to boost its e-commerce capabilities.

Lead Photo

Spiceworks, which operates an online social network for information technology professionals, said today it had raised $25 million in capital investment. The company plans to use the funding to expand its business and further integrate e-commerce into its social network offerings.

Spiceworks says it helps some 1.4 million members discover and buy $244 billion worth of technology products and services each year. At Spiceworks.com, members can create purchase lists, renew warranties and buy cloud-computing services from vendors.

“The average business in the Spiceworks network spends over $275,000 annually on technology,” says Scott Abel, co-founder and CEO of Spiceworks. “By marrying social networking, I.T. management and commerce, we’re transforming how businesses will discover, research and buy products and services in the  trillion dollar I.T. industry.”

Adam Street Partners, Tenaya Capital and existing Spiceworks investors led the funding round, the company’s fourth.

“What Groupon and Facebook are doing for commerce in the consumer market, Spiceworks is doing for I.T. buying in the business market,” says Jeff Diehl, partner at Adams Street. “The company’s unique blend of I.T. business applications, community and commerce has created a powerful social marketplace and more efficient channel for the technology industry.”

comments powered by Disqus

Advertisement

Advertisement

Advertisement

From IR Blogs

FPO

Reuben Hendell / E-Commerce

How branded content engages online shoppers

There are many types of content specific to a brand that can set that brand ...

FPO

Przemyslaw Mankowski / E-Commerce

How can online businesses benefit from programmatic marketing?

With access now to vast and more accurate data, programmatic marketing brings us ever closer ...

Advertisement