Rossland’s Thoughtexchange raises $4M to fuel growth
Thoughtexchange has evolved into a two-way experience platform used by millions of people across many industries.
Jan 30, 2019 - Thoughtexchange announces the successful closing of about $4 million in convertible note financing from Yaletown Partners and existing angel investors.
Started in 2009 by Jim Firstbrook seeking to create “crowd-wisdom" software, Thoughtexchange has evolved into a two-way experience platform used by millions of people across many industries. The product allows leaders to ask open-ended questions while AI ensures everyone’s responses are considered and rated by other participants. Proprietary real-time analysis tools empower leaders to take action based on understanding common ground and key areas of disagreement.
“We are growing by more than 100% YoY and didn’t want to narrowly define our valuation until we exceeded double digit ARR,” explains Dave MacLeod, Thoughtexchange’s CEO since 2015. “The two-way experience market is heating up and with our current funding, momentum and growing list of passionate advocates we are now excited to raise a significant Series B to fuel our expansion."
“We are thrilled to invest in Thoughtexchange and look forward to supporting them as they continue to grow into a globally successful Canadian tech company,” comments Salil Munjal, Managing Partner at Yaletown.
Jayme Smithers, ex Global VP Sales from SAP and VP Sales from Netsuite, joined the company as VP Revenue in 2018. “We’re living in a connection economy where people decide where to work, what to buy and what organizations to support based on how connected they feel,” he explains. “I decided to join this Thoughtexchange rocketship as soon as I experienced the power of using it with my own sales organization in Netsuite. The new paradigm of leadership is to courageously connect people to one another, without bias, so everyone can learn what really matters. Surveys, focus groups and townhalls are failing to make that connection. That’s why we think we’re on to something really big here with Thoughtexchange.”