DoubleDutch Raises $2M from Investors

DoubleDutch has raised $2 million from investors in a new funding round. The Series A-1 funding was led by Bullpen Capital. Also taking part were the Floodgate Fund, Aaron Patzer and Jawed Karim.

DoubleDutch provides mobile-engagement, cloud-based apps for events, sales teams and enterprise workgroups. Media reports describe its products as related to location-sharing apps. Its products include Hive, a mobile CRM app and Flock, a white-label mobile app used for events and conferences.

The new money, according to DoubleDutch, will be used to add employees, market its products and expand the firm’s mobile app product line.

The company previously $1.2 million in seed funding in January 2011 from Lightbank, Charles River Ventures, Launch Capital, Venture 51, Accelerator Ventures and other investors.

Its products are now being used Cisco, UBM, Lowe’s, HP, IDG, Macworld, Interop, Young Presidents Organization, More Direct, RightNow Technologies and ad:Tech, according to a company statement.

“This latest round of funding will help us further solidify our current leadership in the mobile enterprise space as we expand on existing applications and introduce new solutions to empower today’s workforce,” Lawrence Coburn, founder and CEO of DoubleDutch, said in a press release.

“We’ve witnessed significant achievements with cloud-based enterprise software in the last decade, but there’s a greater shift taking place today in mobile productivity with the advent of smartphone devices, social networking and wide-area mobile broadband,” Coburn added. “We’re no longer confined to a desk, while social tools are becoming a part of everyday life that allows us to succeed through real-time collaboration and interaction.”

'In October, DoubleDutch was listed by IDC as one of “Six Social Business Solutions Under $100M to Watch,” according to a report on MobilityTechzone.

DoubleDutch predicts revenue of about $5 million, Coburn told The Wall Street Journal.

"We led the investment in DoubleDutch based on its innovative, leading-edge use of game mechanics to improve sales productivity," Duncan Davidson, managing director at Bullpen Capital, added in the press release. "From our early experience in Zynga, we learned how game mechanics can be applied to business processes to improve performance.”

The Journal also reports that Bullpen Capital’s Duncan Davidson recently was named to DoubleDutch’s board of directors.

Coburn says he may raise another investment round within about a year, according to WSJ.