According to its latest press release, CTSpace has raised $5.3m (about £2.7m) funding in a financing round led by previous investors Insight Venture Partners and GRP Partners. The funding will apparently be used by this “leading independent collaboration on-demand company”* to “extend its leadership position” by expanding “key areas of its business including sales, marketing and international operations” (no mention of funding the redundancies!).
As I have previously observed (see CTSpace dissected), the two partners of the business, BuildOnline and Citadon, have already absorbed around £53m in investment. And this figure excludes the substantial investments eaten up by previous merger partners such as Bidcom ($63m), Cephren ($60m) and MyBau (€30m). Add these to the total invested so far and the figure climbs over £100 million!
* I imagine ‘independent’ is used to differentiate CTSpace from the Autodesk owned Buzzsaw/Constructware operation.