Sambaash, a SaaS (Software as a Service) company, which builds and enables online communities for businesses and organizations by leveraging social media, has just raised S$2.1 million in investment from two Singapore-based investors – Extream Ventures and Stream Global

The opportunity in this space comes from a global realization where more businesses and organizations need to have purpose-built online communities around their key stake-holders, to include and engage their users. The International Data Corporation forecasts that the online community software market will grow to US$1.6 billion by 2013, a huge market, fueled by the growth of Internet and mobile.

How does Sambaash fits into the picture? It enables enterprises and businesses to create and deploy their own purpose-built online communities by leveraging established social media platforms. Sambaash’s solutions have been deployed in a wide range of industries including travel, fashion, creative, healthcare, education, research, conferences & events and professional communities.

Jive, a similar company in the United States, has a market cap of $1.5billion dollar, reflecting a huge potential in this industry, making the investment by Extreme Ventures and Stream Global a very promising one.

Sambaash was founded in 2009 by a team of highly experienced business and technology professionals who have successfully provided business solutions across Europe, the Middle East, Asia Pacific and Australia for more than 20 years at leading global enterprises. Since its inception, Sambaash has had a valuable partnership with Amazon Web Services in Asia Pacific and has been featured in numerous AWS publications.

According to the press release we received, Sambaash will use the majority of the funding raised for its market expansion and business development activities in Asia Pacific and Europe.