Cloud based spreadsheet and time tracker software Replicon announced that it received $20 million in its Series A fundraiser. The investment round was led by Emergence Capital Partners and The Social+Capital Partnership. Replicon, which is based in Calgary, Alberta and San Mateo, California, is a provider of employee time tracker and expenses logger software.
The fund will be used to broaden the company's market, and improve its marketplace footprint in the already very aggressive industry. The company is expecting a growth within the range of 60% to 80% after two years.
This financing round will enable the company to service businesses in the European and APAC region.
Chamath Palihapitiya, founder and managing partner at The Social+Capital Partnership said, "We strongly believe that the ways in which companies align and build their organizations are changing rapidly."
"Replicon has built an incredibly impressive and diverse global customer base of more than 7,800 customers by offering a powerful but simple-to-use solution," commented founder and general partner at Emergence Capital Partners Jason Green.
Replicon gained acclaim for its cloud-based timekeeping service.
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