SalesNet, a provider of hosted sales force productivity software, said Tuesday that it has raised $7.8 million in funding. The round, led by Prism Venture Partners, brings the total funding raised by the company to $20 million. SalesNet CEO Mike Doyle said the latest round helps the company reach its goal of turning a profit by the end of the year and enhances its prospects for an initial public offering.
For a monthly subscription fee, the company provides salespeople and managers access to up-to-the-minute customer information, forecasts, sales reports and customized sales tips, all delivered via the Internet. The market for hosted software has been disappointing, but SalesNet and its rival Salesforce.com are convinced their focus on sales applications will prove a fruitful niche.