Reef hits big time with VC funding

Reef hits big time with VC funding

Internet software developer Reef has secured a second round of financing from Goldman Sachs and European venture capitalists 3i, and plans to use some of the funds for a regional expansion in the Asia-Pacific region.

The $US35 million adds to about $15 million of funding secured through Cisco and Viventures when the company was established. The company, which develops Java-based content management software, plans to use the funding for training and distribution projects on a global basis.

"Our marketing strategy is very much focused on channel partners," said Matthew Langford, Asia Pacific channel and sales manager. "I'm currently in the process of signing partnerships in Sydney, Melbourne and Adelaide."

Langford said the Australian office of Reef is looking for savvy developers, systems integrators and distribution partners to expand local operations. The company is also looking to offer full certification courses in the near future.

Six of Reef's 10 Sydney staff are developers that customise Reef solutions for Australian customers and Langford says the company will continue hiring using the funds gained from the latest round of financing. Reef is also opening a Singapore office and Langford expects the Sydney office to handle any excess Asian demand.

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