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Madden Also Backs Project Software Maker
TECHNOLOGY
Irvine-based startup Mavenlink raised $3.9 million in its first institutional fiindraising round.
The company - which makes software to manage projects involving geographically dispersed clients, contracts and consultants - will use the funding for product development and hiring. It expects to add about 20 jobs in customer service, marketing, sales and engineering, Chief Executive Ray Grainger said.
The financing round was led by Aliso Viejobased Quest Software Inc. and Madden Capital Partners LLC in Newport Beach.
Quest is Orange County's third-biggest software maker by revenue with some $800 million in yearly sales. It's a frequent company buyer and investor.
In May, Quest joined the venture arm of Intel Corp. to lead a $6.5 million funding round for Silicon Valley software developer WS02 Inc., and earlier this year the company took a stake in Irvine security software startup SecureAuth Corp.
Mavenlink was established in 2008 and launched its first set of products in January 2010. It has since picked up some...