- Productivity platform company Hive recently announced it raised $10.6 million in Series A funding led by Comcast Ventures
Productivity platform company Hive recently announced that it raised $10.6 million in Series A funding led by Comcast Ventures with participation from existing seed investors Tribeca Venture Partners, Vocap Investment Partners, and Rembrandt Venture Partners. Including this round of funding, Hive has raised $16.7 million in total funding.
This round of funding comes a time of rapid growth for Hive. This past year alone, Hive quintupled revenue and attracted customers 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.”
This funding will enable 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,” added Brian Collins, Interior Concepts Design Manager at Starbucks — who has been a Hive customer since 2017.
Hive’s platform includes chat, tasks, email, notes, and the analytics for senior managers to keep processes improving. And the plan is to automate all of those. This includes automated email management, automatically identifying next steps from emails, and assigning tasks to the appropriate team members; the ability to turn recurring meetings into real-time notes, automatically recapping previous meetings, and assigning next steps; and auto-suggesting project plans from the large and growing library of successful projects thus allowing teams to select the best 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,” explained 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.”