Hive, the first productivity platform, announced today it raised $10.6 million in a Series A round, bringing total funding to $16.7 million. Comcast Ventures led the round with participation from existing seed investors Tribeca Venture Partners, Vocap Investment Partners, and Rembrandt Venture Partners.
This funding comes at a time of explosive growth for Hive. In the last year alone, the company quintupled revenue, attracting giants like Starbucks, Google, WeWork, Uber and the United States Government as customers.
“Why do we shackle talented teams with 40-year-old technology? It’s easier for me to see what my friends ate for brunch than to see what my colleague is working on,” said John Furneaux, CEO and cofounder of Hive. “Hive delivers what everyone has been requesting for decades – a simple platform to use each day to get things done as a team. Ask yourself how you many times a week you attend a meeting, and want everyone present to know their next steps. How about knowing whether they’ve been done? This stuff is simple for Hive teams. That’s the magic of Hive. It’s not just a tool for the Silicon Valley elite – it’s a helping hand for everyone.”
Already discovered by the fastest moving teams in the world, this funding will allow Hive to share this new way of working beyond the word-of-mouth growth that has driven its success to date. “Starbucks couldn’t roll new stores out so quickly without Hive. We have eliminated miscommunication, saved hours of unnecessary meetings, and achieved full transparency across all our projects,” says Brian Collins, Interior Concepts Design Manager at Starbucks who has been a Hive customer since 2017.
Hive has already built a formidable platform, including chat, tasks, email, notes and the analytics for senior managers to keep processes improving. Next up: automation of all of those:
- Automated email management, automatically identifying next steps from emails and assigning tasks to the appropriate team members
- Ability to turn recurring meetings into real-time notes, automatically recapping previous meetings and assigning next steps
- Auto-suggesting project plans from the large and growing library of successful projects, allowing teams to choose the smartest approach to problems already encountered by others.
“More companies from small businesses to large enterprises are poised to embrace process management tools and automation at scale,” said Andrew Cleland, Managing Director at Comcast Ventures. “Hive has produced one of the best-rated products on the market, and we’re thrilled to partner with the management team to accelerate the company’s growth.”
Hive is the real-time collaboration platform that powers the fast pace at companies like Google, Uber, Starbucks and WeWork. Launched from #1 global accelerator AngelPad, Hive is headquartered in New York and previously raised $6.1m in funding from leading venture capital firms Tribeca Venture Partners, Vocap Investment Partners, and Rembrandt Venture Partners.
About Comcast Ventures
Comcast Ventures is the venture capital affiliate of Comcast Corporation. Comcast Ventures invests in innovative businesses that represent the next generation of technologies that will change the way people live, work and interact.
About Tribeca Venture Partners
Tribeca Venture Partners is a venture capital firm that partners with NYC area entrepreneurs leveraging emerging technologies and business models to create and disrupt huge markets.
Vocap partners with today’s disruptive technology companies to provide capital, operating experience, and critical relationships. VIP focuses on high potential verticals, including: Enterprise Software, Healthcare IT, Fintech, Marketing Technology, Data & Analytics, Media & eCommerce.
Rembrandt Venture Partners (RVP) is a leading technology venture capital firm focused on helping entrepreneurs shape the future of enterprise technology. RVP’s investment team includes individuals with successful track records as both technology operators and venture capital investors. Past RVP investments include Xactly, Adallom (acquired by Microsoft), Liveramp (acquired by Acxiom) and Zenprise (acquired by Citrix).