CRM and sales tool Pipedrive has raised $50 million in Series C round led by Insight Venture Partners, Bessemer, Rembrandt and Atomico.
Pipedrive plans to use the money, which brings its total VC funding to $80 million, to further expand its research and development, grow its user base and explore strategic acquisitions.
The global CRM market, worth $40 billion according to Gartner, has been dominated by Oracle, Salesforce and Microsoft in recent times, but Pipedrive is now looking to take a larger slice, having registered triple-digit year on year growth since 2010.
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‘Major milestone’
Headquartered in Tallinn, Estonia, and New York, Pipedrive now has 75,000 customers in 170 countries and also recently opened offices in London and Lisbon. The company currently employs 20 people in its London central office, which the company debuted in January to host its newly expanded marketing, sales, business development, communications and HR staff.
Timo Rein, co-founder and CEO of Pipedrive said, ‘This… is a major milestone in the Pipedrive story. By leveraging our investors’ expertise and spirit for building disruptive, global tech companies, our capacity to invest in new functionalities, conquer new markets, and help thousands more teams sell with certainty and efficiency has never been stronger.’
‘Sales teams are more important to companies than ever in a hyper-competitive environment, highlighting the need for Pipedrive’s innovative and streamlined CRM software,’ said Teddie Wardi, principal of Insight said, ‘We are thrilled to welcome the Pipedrive team into our portfolio, and help lead their growth and expansion in this next phase of their global journey.’
Alex Ferrara, partner at Bessemer said, ‘We recognise Pipedrive is in a truly exciting position in the market, with vast potential to scale further, and add to its product lines and proposition’.
What is Pipedrive?
The company was founded and co-designed by salespeople and aims to deliver a customisable CRM system to salespeople via a web and mobile app. It says it allows users to complete ‘meaningful activites daily to push deals to close.’ Users can also integrate popular business tools such as Google Apps, Trello, and MailChimp.
Pipedrive previously secured more than $30 million in Series A and B funding from Atomico, Bessemer Venture Partners, Rembrandt Venture Partners, AngelPad, Paua Ventures, Monashees Capital, TMT Investments and other investors.
Further reading on CRMs
