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Jigsaw nets $12 million

Company plans to use third-round funding to expand operations around its user-created database of business contacts.

Jigsaw Data, which built an innovative, user-created database of business contacts for salespeople, announced a $12 million third round of funding on Monday.

The funding round was led by Austin Ventures and also included previous investors El Dorado Ventures and Norwest Venture Partners.

Jigsaw's database, which is entirely user-created, functions by having members either pay for access to contacts or submit their own. It has bloomed to more than 2.7 million contacts at more than 160,000 companies, and is growing by more than 10,000 contacts a day, the company said.

"Jigsaw's ability to leverage the power of the masses to collect and maintain a vast amount of data has the potential to transform the data industry," Thomas Ball, a partner at Austin Ventures, said in a statement. "Its user-generated database creates data transparency and delivers efficiency not only to sales organizations everywhere, but (to) anyone in need of accurate business contacts."

The company said it intends to use the new money to fund new growth, as well as new product development and marketing efforts.