Onit Raises $4.1M in Series B Funding

Funding Rounds

▤ Summary

Onit, a Houston, TX-based provider of business productivity and process management apps, has raised $4.1m in Series B funding.The round was led by Austin Ventures, with participation from Houston-based incubator RedHouse Associates.The company intends to use the funding to develop a sales and channel strategy, expand outside the legal vertical, build out its App Builder – a self-service tool for end users to create their own Onit Apps – and hire people in Engineering, Sales and Marketing.In conjunction with the funding, John Thornton, General Partner of Austin Ventures will join Doug Erwin, RedHouse Chairman and Principal, and Eric Elfman on Onit’s Board of Directors.Launched in early 2010 by legal software industry experts CEO Eric M. Elfman and Eric A. Smith, Onit deploys apps designed to simplify business process automation and improve business productivity across all departments and industries.

$ Funding

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Amount $4.1M Total raised
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Date January 17, 2012 Announcement date
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Investors RedHouse Associates, Austin Ventures, Onit Lead investors
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Company http://www.onit.com Funded company

▥ Classifications

industries
No industries detected
applications
Business Planning / Continuity

◇ AskAI Classifications

Labels
Legal Software Enterprise Legal Management Contract Lifecycle Management

▦ Linked Companies

Onit, Inc.
$50M to $100M