Salesforce Debuts New Fund for Mobile, Connected DevicesSerena Saitto
Salesforce.com Inc., the largest maker of customer-management software, unveiled a new $100 million fund to invest in startups building enterprise mobile applications and working on devices connected to the Internet.
Salesforce Ventures’ first fund, the Salesforce1 Fund, will invest in early and late-stage startups that team up with the San Francisco-based company, said John Somorjai, executive vice president of corporate development and strategy.
“We have been investing for over five years and have more than 100 portfolio companies,” Somorjai said. “We are introducing this $100 million fund to invest in the next generation of enterprise mobile companies building on Salesforce’s platform.”
Saleforce Ventures announced four investments for the new fund today: DocuSign Inc., a digital document-signing company; I.am+ a maker of wearable technology accessories, InsideSales.com Inc., a telephone and customer management platform and; Skuidify LLC, a developer of tools that let people build apps without technology which lets users to build apps without writing software code.
Salesforce, which has also already made investments in file-sharing software makers Box Inc. and Dropbox Inc. and other startups, joins Google Inc., Intel Corp. and Microsoft Corp. in setting up dedicated funds that compete with venture capital firms to invest in startups.