in Canada, Ontario, Toronto, Venture Capital

Rypple raises $7m in new round

Rypple has gone public about their latest round of financing which appears to include Bridgescale. Bridgescale’s participation likely came through their acquisition of Edgestone. Edgestone’s GPs participated personally in Rypple’s initial angel round.

We will post more as we hear it.

Here is the official word from Ryple:

Toronto, Ontario – September 29, 2010 – Rypple announces it has raised $7 million in financing led by Bridgescale Partners. Rypple makes social software that makes workplace feedback easy. Howard Gwin, a Bridgescale partner and former EVP at PeopleSoft, and Roger Martin, Dean of the Rotman School of Management, will join the company’s board of directors.

Additional investors include: Edgestone Capital Ventures, Extreme Venture Partners, Peter Thiel, Seymour Schulich, Roger Martin and Joe Sigelman. To date, the company has raised a total of $13 million in financing.

“Employees and managers are fed up with HR software that sucks. They don’t want top-down performance software focused on process, not results. What people really want is frequent, useful feedback to do their jobs better. Rypple delivers this feedback so people can stay on track, learn faster, and consistently hit their goals.” said Daniel Debow, co-CEO, Rypple. “Our customers are innovative companies including Mozilla, Rackspace, and VivaKi (Groupe Publicis). Their employees use Rypple because they love it, not because they’re forced to.”

“Rapid adoption social software is providing companies big and small with a significant competitive advantage,” said Howard Gwin, partner, Bridgescale Partners.  “Rypple is a key solution for companies today as it enables the process of continuous feedback. Their customers tell us that they have seen a noticeable improvement in employee engagement, focus, and performance since they started using Rypple.”

“We were up and running within an hour of introducing Rypple to our organization. We were customers before we were investors.” said Amar Varma, co-founder, Extreme Venture Partners. “Our team’s love of Rypple was a big part of our motivation to get involved. People want relevant feedback at work and no other company can deliver it as easily and effectively.”