Watch CBSN Live

SocialText Raises $4.5 million In Fourth Round

This story was written by Joseph Tartakoff.

One deal announcement that slipped past us last week: Enterprise wiki startup SocialText raised $4.5 million in a fourth round from investors including Draper Fisher Jurvetson, Omidyar Networks and University Venture Fund. The company, which has expanded into enterprise social networking and microblogging, said it was "seeing our new and existing customers sizes continue to increase." At the same time, though, SocialText CEO Eugene Lee said on the company's blog that it would have to cut six employees, in an effort to drive the company to profitability. SocialText's flagship product is Wiki Workspaces, which lets employees at a company collaborate on projects online.

By Joseph Tartakoff

View CBS News In