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The Jigsaw Story

Overview

"It always blows me away when a start-up comes along and fundamentally changes the rules on an industry previously thought to be mature."

- Jeff Nolan of SAP Ventures on Venture Chronicles, 2005

Jigsaw was founded in late 2003 by Jim Fowler. Jigsaw is best known for pioneering Crowdsourcing in the B2B information industry and for creating the business category of Data-as-a-Service (DaaS).

Rajan Madhavan was the first technical hire and the primary driver of Jigsaw's award-winning technology. Jigsaw was a crowdsourced database of business contacts used by customers for marketing, selling, and recruiting. Its members added and updated contacts in exchange for contacts they needed. Jigsaw made money by piping this information into CRM systems and updating the records in real time.

Jigsaw was acquired by Salesforce.com in May of 2010 for $175M-one of the most successful exits of 2010. The transaction represented almost a 10X return on invested capital. At the time, Jigsaw was the largest acquisition Salesforce had ever made. In September of 2011, the Jigsaw name was retired by Salesforce and renamed Data.com.

Jigsaw at Point of Acquisition

  • Cash flow positive
  • Revenue of over $25M
  • 150 employees
  • Over 1,000 corporate customers
  • 1.5M individual members (who built and maintained the database)
  • Database size: 21M contacts

Fundraising

Jigsaw raised $18M in three rounds of venture funding.

Series A : Dec, 2003
$750K | El Dorado Ventures

Series B : Sep, 2004
$5.2M | Norwest Venture Partners and El Dorado Ventures

Series C : Mar, 2006
$12M | Austin Ventures, Norwest Venture Partners, and El Dorado Ventures

Awards

 

2005

Model of Excellence

InfoCommerce

 

2008

Best Productivity Solution

SiiA CODiE Awards

 

2009

Best Online Directory and Leads Service

SiiA CODiE Awards

 

2009

Jigsaw Prospector: Best Sales Intelligence App

SalesForce AppExchange Customer Choice Awards

 

2009

Rising Star Award

CRM Magazine

 

2009

#9 of Top 100 Fastest Growing Private Companies

SF Business Times

 

2009

Global 250 Award

AlwaysOn

 

2009

Hot 100-Best Privately Held Software Companies

JMP Securities

 

2010

Best Online Directory and Leads Service

SiiA CODiE Awards