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Mzinga Adds $10 Million In Funding; Could New Product Compete With Salesforce?

Enterprise-facing social software developer Mzinga has raised $10 million in funding, bringing its total raise to over $42.5 million; the company raised a double-digit round last year as part of its deal to acquire fellow software firm Prospero. New investor Acadia Woods Partners led the round; BlueCrest Venture Finance Master Fund also participated, with additional funds from previous backers W Capital Partners and Shared Capital Partners.

CEO Barry Libert said the new money will fund the requisite tech and sales development — but Mzinga also raised the money as part of its push to launch a revamped suite of connected productivity, social media marketing and analytics tools. Tentatively called OmniSocial, clients like *HSBC* and iVillage will be able to use the software to create, manage and mine data from their own consumer-facing communities, as well as set up internal social networks for training and shared virtual workspaces. Mzinga also plans to build productivity tracking and workflow management tools into the suite, two features Libert admitted would move the company into Salesforce’s territory.

“We think teams should be able to see a project in the cloud, plan meetings, leave comments, chat about it — but most of all, keep track of that workflow — with the same tool,” Libert said. “Salesforce is definitely doing it, but not many others are.” Libert said companies that wanted to blend internal and external social media analytics with workflow management tools had few options, making this an ideal time to launch the new products — and raise the funding.