Yammer has raised $17 million in Series D funding from a new fund run by a former Facebook vice president. Yammer’s platform works quite like Facebook, but targets businesses looking to streamline collaboration.
The similarities between the two companies led to the investment, says Chamath Palihapitiya, the former Facebook official who founded The Social+Capital Partnership. Working at Facebook convinced him of the importance that social networking will make to future innovation, Palihapitiya says. Yammer offers a variety of social networking tools, from news feeds to file uploads, to both small and large businesses. Most of its features are available free, but it does offer a paid upgraded package, too, with items like keyword monitoring and priority customer support. (Cost: $5 per user per month.)
The funding will go toward developing the news feeds further and expanding toward new markets, mostly overseas. Yammer completed Series C funding less than a year ago, and recently announced its integration with SalesForce.
Read more at The New York Times.