Cloud software company Anaplan has added to its venture capital takings by securing $30 million (£19.8 million) through a deal led by Meritech Capital.
A Series C fundraising for Anaplan means that the business has now raised in excess of $47.5 million (£31.3 million) across three rounds.
Anaplan provides cloud-based modelling and planning products for sales, operations and finance. It is headquartered in San Francisco and has its UK base in Berkshire as well as a Development Office in York.
Meritech Capital has led the Series C round alongside existing backers Granite Ventures and Shasta Ventures. Its capital commitment will be used by Anaplan to fuel what it describers as ‘aggressive expansion plans’.
Alongside its newly-opened office in Berkshire, Anaplan has also set up locations in France, Sweden and Singapore and will use the $30 million to support these new sites.
It also plans to build new data centres around the world and speed up the development of its planning and modelling platform.
The business began its funding efforts with a Series A round worth approximately $6.1 million. A Series B transaction in January 2012 then added to that figure by $11.4 million.
Anaplan’s platform is used by businesses including McAfee, Diageo and Pandora for functions such as long-range planning, territory and quota management, strategic workforce planning and IT performance management. According to a statement, the company grew its customer base by 500 per cent, and revenues by 800 per cent, during 2012.
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Anaplan CEO Fred Laluyaux, comments, ‘Meritech’s enthusiastic backing of Anaplan serves as a testament to our proven success and a strong vote of confidence in our vision to deliver a paradigm shift to the enterprise software market.
‘Largely dominated by established vendors, this market has been under-innovated for ten years and is ready to be profoundly disrupted.’
Meritech Capital Partners provides late-stage venture capital to private technology companies and has $2.6 billion under management. Meritech investments include companies such as social media platform Facebook, short-term loan company Wonga and car sharing business Zipcar.
Rob Ward, managing partner at Meritech, adds, ‘We made a significant capital commitment to Anaplan because they are among a new breed of vendors that is challenging the status quo of business technology.
‘Like the rest of our portfolio, Anaplan is one of the best late-stage companies around and is already a key player in the enterprise tech market.’
