Onit Secures $4.1 Million Investment Led by Austin Ventures

It is with great enthusiasm that I write this post to announce that we have raised $4.1 million in Series B funding. The funding round was led by Austin Ventures and includes participants from the principals of RedHouse Associates, a leading Houston incubator and consultant, and the Houston Angel Network (HAN), a non-profit organization that provides its members a forum in which to efficiently evaluate promising early-stage investment opportunities.

The funding will be used to accelerate growth in 4 key areas:

1. Provides ability to develop an effective sales and channel strategy
2. Enables expanded product development
3. Expands Onit’s market reach beyond the legal vertical market
4. Enables key hires in Engineering, Sales and Marketing

Onit Apps streamline everyday processes and empower managers across all departments, business units and divisions to achieve total visibility and management of their business processes.

Austin Ventures and RedHouse believe in the “consumerization” of the enterprise and understand the unique value Onit brings to the market. As people become accustomed to consuming data and information in social ways (i.e. Facebook, LinkedIn, Twitter, etc.), they want their enterprise apps to behave in similar manners. Onit brings these consumer-like apps to the business enterprise.

Onit Apps are for companies that can’t justify the spend for a full blown Business Process Management (BPM) tool but that still need more than email and spreadsheets to automate, manage and track business-critical processes. Our apps equip business users with powerful tools but don’t require an expensive investment or IT resources.

John Thornton, General Partner of Austin Ventures will join Doug Erwin, RedHouse Chairman and Principal, and Eric Elfman on the Onit Board of Directors. Erwin will serve as the Chairman of the Board.