SpringCM, a provider of on-demand document management and workflow, announced that it has raised an additional $14 million to fund its growth. The financing includes two major components: a $10 million Series B Preferred equity round led by North Bridge Venture Partners and including Foundation Capital, the Series A lead investor; and a $4 million credit facility with Comerica Bank through its Technology & Life Sciences Division. SpringCM intends to use the proceeds from this funding to invest in market share expansion activities in sales, marketing, partner outreach, and business development as well as the infrastructure and staff to create new products and enhance the service functionality.
Also, Jeffrey Beir, general partner at North Bridge Venture Partners, has joined the SpringCM board of directors. Beir was formerly co-founder and CEO of eRoom Technology and senior VP of products for Documentum, a division of EMC.