Automation startup IFTTT announced on Thursday that it has raised $30 million in a series B round led by Norwest Venture Partners. This brings IFTTT's total financing to $39 million, as it looks to open up its developer platform. As part of the deal, the firm's general partner Josh Goldman will join IFTTT's board.
"[Goldman] is just a big fan of what we're doing and where we're going," CEO Linden Tibbets told Fast Company. An investor in the Internet of things space, he also sits on Quirky's board. "He really, really gets it. We were completing each other's sentences every sentence we've had," Tibbets added.
Short for If This Then That, the startup connects various online services and hardware products (called channels) with a simple recipe that follows its namesake. For example, if a small business owner processes a transaction over a certain amount on Square, then he can choose to receive that information on Google Glass.
With this financial boost, IFTTT plans to double its engineering team (currently comprising 15 people who work on either the product or platform) in the next six months. As a result, the company also plans to move into a larger office. The channel platform, a way for third-party developers to build and maintain their own channels, has been in beta since the beginning of the year. It currently includes about 200 channels—"a good majority are still in progress," said Tibbets, who declined to specify a timeline for the platform's launch.
[Illustration: Joel Arbaje for Fast Company]