OfficeDrop Announces $1 Million Funding Round to Support Major Advancements in Product Development
OfficeDrop’s Digital Filing Technology Enhancements Fuel Rapid User Growth, Record Momentum
CAMBRIDGE, MA (April 1, 2011) OfficeDrop today announced a $1 million round of angel funding led by White Owl Capital, which will be used to support product development and marketing for the company’s digital filing and scanning software. The investment comes on the heels of the company’s rapid expansion from a mail-in scanning service to Web and desktop applications that enable customers to scan to and manage documents in the cloud. OfficeDrop has seen more than 6,000% growth in customers since evolving its model from a mail-in only service to a combination mail-in and self-service scan-to-cloud software.
Prior to securing this round of funding, OfficeDrop made major advances to its product suite. In 2010 alone, the company announced the following developments:
- ScanDrop, a desktop scanning application for Windows and ScanDrop Mac that connects most scanners directly to popular cloud storage providers
- The OfficeDrop digital cloud filing system, an extremely popular scan-to-the cloud online storage for small businesses
- OfficeDrop Paper to Go, an iPad application to manage, search and share documents from anywhere
- Partnerships and integrations with the leading cloud storage applications including Evernote, Dropbox and Google Docs as well as popular small business software such as QuickBooks and FreshBooks.
“OfficeDrop’s technology is incredibly practical, and is driving the transition from paper to the cloud – a market that’s on path to be worth tens of billions of dollars,” said David Mars, partner, White Owl Capital. “Small businesses and consumers alike will continue to move important business functions to the cloud, and digitizing paperwork is one of the first steps to getting organized and saving money.”
The funding will also be used to continue the company’s growth into traditionally paper-heavy industries, including accounting and financial services, legal, insurance and real estate. Businesses continue to adopt public cloud computing technologies, with U.S. business cloud spending expected to increase by 112 percent between 2010 and 2014 (source: In-Stat). OfficeDrop will continue to invest in mobile app development, as well as consistent technological advancements to its current line of products.
“Every industry deals with the burdens of paperwork. Small businesses and consumers now have a way to easily organize these documents, and can access, share and edit their documents from nearly any device, anytime, anywhere. We make it simple: scan, organize, send directly to the cloud and find your information at your fingertips, anywhere you go. It’s that easy,” said OfficeDrop CEO Prasad Thammineni.
To download ScanDrop for Mac, visit the Mac App store. ScanDrop for Windows is also available for download on the OfficeDrop website. Learn more about mail-in scanning to the cloud on OfficeDrop’s website.
OfficeDrop is a cloud based digital filing system, scanner software provider and document scanning service that helps small businesses manage paper and digital documents. OfficeDrop provides tools that sync businesses’ desktops and scanners with an online search engine and cloud filing cabinet. The affordable service helps businesses save time and money by enhancing paper-based collaboration and workflows, and allows offices to fully utilize their information by bringing paper to digital platforms. Headquartered in Cambridge, MA, OfficeDrop was founded in 2007 and has won awards such as AlwaysOn Global 250 and MITX Technology Awards. For more information, visit www.officedrop.com.
Erica Orthmann or Steve Mnich