This morning, Lithium announced the completion of a $50 million round of mezzanine financing. This additional investment means a lot of great things ahead for Lithium’s customers and employees, and will allow us to deliver even more innovation even faster. This financing also signals an exciting market shift.
This pre-IPO mezzanine financing was led not by a handful of industry insiders, but by a syndicate of global institutional investors. This is an important and exciting vote of public investor confidence in the social software market—and, specifically, in Lithium. This financing brings major global institutional investors to Lithium as partners for long-term growth, allowing us to grow aggressively without distraction while we consider the right timing for an IPO.
Leading Lithium customers like Barclays, Commonwealth Bank, eBay, Skype, Sony and Telstra demonstrate the transformative value of social customer engagement and crowdsourced service and innovation every day. And the strong investor appetite we’ve seen with this mezzanine financing clearly validates our long held belief that the time for dabbling in social has long past. This is a seminal time for Lithium and our industry—a period of rapid growth and acceleration.
I’m also pleased to announce that to meet the challenges and opportunities ahead, we’ve extended our leadership bench in two key areas. Former Yahoo! executive Tapan Bhat has joined Lithium as Senior Vice President and Chief Product Officer and will bring his vast consumer web technology experience to bear as he drives Lithium’s product platform to even greater heights. New Enterprise Associates (NEA) Venture Partner Brooke Seawell now strengthens our senior strategic leadership team by joining our board of directors as audit committee chairman.
I’d like to especially call out our trailblazing Lithium customers for their pioneering spirit—we couldn’t have gotten here with out you. Brands like Sephora, Autodesk, giffgaff and Telefonica have been delivering cutting-edge social customer experiences for years using Lithium’s platform. These pioneers haven’t just been delivering amazing results back to the business; these forward-leaning risk takers have been cutting new road through unmapped territory, pointing the way toward sustainable social innovation for rest.