Austin Ventures Invests $50M In Software-as-a-Service Firm

Venture capital firm Austin Ventures announced this morning that it has committed up to $50M in a new software-as-a-service firm headed by former Razorfish co-founder Jeffrey Dachis. According to Austin Ventures, the new company will focus on creating a strategic consulting practice and enterprise-class, Social Software-as-a-Service (SaaS) company. The new company will be headquartered in Austin. Dachis was co-founder, CEO, President, and Chairman of Razorfish, until he left the company in 2001. Razorfish became part of Avenue A | Razorfish and was acquired by Microsoft for $6B in May of last year.