SohoOS, an Israeli small-business management service announced that it secured an $8 million dollar investment led by Mark Goines, a partner at Morgenthaler Ventures. This brings the total investment in the company to $10.5 million, after Mangrove Capital Partners invested $1.75 million in SohoOS early in 2011.
Founded in 2010, SohoOS offers a package of small-business management services, including Customer Relationship Management (CRM) technology to organize and synchronize a company’s interactions with its customers and clients – as well as Voice Over IP (VoIP) – meaning communication services over the internet, such as video and audio conference calls.
It allows users to manage all aspects of their small and micro business in a single platform and aims to provide all the primary tools needed to help small-businesses grow and succeed. Using SohoOS, the company says, small-businesses can manage their contacts, clients, vendors and leads, make local and international calls, send FAX and SMS and conduct mass email campaigns.
In addition, SohoOS says it hopes to leverage the power of many small-businesses to come together and create a combined strength that bridges the gap in their favor, by creating a “virtual enterprise.”
“I have been focused on the small-business space for decades, and believe the global market for web-based tools for small-businesses is one of the largest in the world,” said Mark Goines. He added that “we are pleased be the first US-based investor in SohoOS, which has a model that is frictionless and will scale rapidly. Incidentally, SohoOS is Morgenthaler’s second investment in an Israeli company in the last year, as the firm extends its support of global innovation aimed at the US market.”
The funding announcement is followed by last month’s release of SohoOS v 2.0. The new version contains new features such as a business page, contact pages to sort invoices, estimates and templates, more storage and expanded contact management.
The service is free and has grown to more than 600,000 registered businesses around the world in less than 8 months.
The new funding will enable SohoOS to open its HQ and product center in San Francisco due to its “significant” growth of US users.