- New investment fuels growth as sales CRM of choice for rapidly scaling enterprises
- Funding capitalizes on strong ARR, passionate customer base and global reach
- Round led by Insight Venture Partners and Bessemer Venture Partners
NEW YORK, June 14, 2018 (GLOBE NEWSWIRE) -- Pipedrive Inc. (www.pipedrive.com), the leading sales pipeline software and CRM of choice for ambitious businesses, today closed a $50 million Series C round led by new investor Insight Venture Partners and existing investor Bessemer Venture Partners, with additional participation from existing investors Rembrandt Venture Partners and Atomico.
Strongly positioned to capitalize on a surging global CRM market worth over $40 Billion (Gartner), Pipedrive plans to further expand its R&D, accelerate customer growth across its global footprint, and explore strategic acquisitions. This round brings Pipedrive's total venture capital funding to date to $80 million.
Headquartered in New York and Tallinn, Pipedrive is a truly global offering with 75,000 customers in 170 countries. With newly opened offices in London and Lisbon, Pipedrive has seen consecutive triple digit year-over-year revenue growth since it was founded in 2010. A focus on end user experience over 8 years has yielded a passionate and loyal customer base.
"This significant capital infusion, including a new partnership with Insight and further investment from Bessemer, is a major milestone in the Pipedrive story,” said Timo Rein, Co-Founder and CEO of Pipedrive. “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 Venture Partners. “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.”
“An unflinching focus on customer success and optimizing usability means Pipedrive is loved by sales teams worldwide,” added Alex Ferrara, Partner at Bessemer Venture Partners. “We recognize Pipedrive is in a truly exciting position in the market, with vast potential to scale further, and add to its product lines and proposition.”
Making Salespeople Unstoppable
Founded and co-designed by salespeople to address a clear lack of a customizable and enjoyable CRM for actual salespeople, Pipedrive resolves many traditional CRM pain-points for solo sellers up to large corporate teams. The company has shaken up the sales CRM market by putting salespeople in the driver’s seat. Users of Pipedrive’s software can trust that new features are always focused on raising their game throughout the sales process, with the greatest innovations yet to come.
Pipedrive delivers unrivaled visibility and control over a sales pipeline and guides users to complete meaningful activities daily to push deals to close. Users who implemented Pipedrive have experienced boosted sales and conversion rates, better team collaboration, data accuracy and sales productivity. They can often offer a more customized end customer experience, customer service and communication.
Pipedrive’s customers benefit from a vibrant partner ecosystem with 100+ native integrations of popular business tools such as Google Apps, Trello, Zapier, MailChimp, Yesware and PandaDoc.
Succeeding in a Vast Marketplace
According to Gartner, SaaS CRM is the largest application software market which they track, and points to the importance that advanced analytics, machine learning and AI will have as innovation areas in the next 3 years.
Pipedrive currently leads the industry in several top user-generated comparisons. For instance, Gartner’s FrontRunners CRM Software quadrant positions Pipedrive as the leading CRM software in the market. Furthermore, Software Reviews, a division of Info-Tech Research Group, published its 2018 CRM Data Quadrant Awards naming Pipedrive as industry leader.
David Piazza, President of Software Reviews, commented, “Pipedrive has seen some of the highest customer feedback that we have seen to date, not just in CRM, but across all our categories. Its high emotional footprint score in particular demonstrates a very engaged and satisfied customer base.” More details can be found at www.pipedrive.com/en/top-rated-CRM
Pipedrive previously secured more than $30 million in Series A and B from Atomico, Bessemer Venture Partners, Rembrandt Venture Partners, AngelPad, Paua Ventures, Monashees Capital, TMT Investments and other investors.
Press contacts
Pipedrive:
Maddie Summa / Leslie Green
Bulleit Group for Pipedrive
pipedrive@bulleitgroup.com
Insight Venture Partners:
Lindsay Sweeney
MWW for Insight Venture Partners
lsweeney@mww.com
Bessemer Venture Partners:
Lizzy Bates
Lizzy@bvp.com
About Pipedrive Inc.
Pipedrive is the tool of choice for salespeople in scaling companies – the sales CRM pipeline platform that makes selling simple. Pipedrive keeps things moving, stops tasks falling through the cracks and kills the tedium of admin. Pipedrive ensures that sales activities remain targeted, ambitious and realistic. Today, 75,000 customers in 170 countries, and across 100+ industries leverage Pipedrives’ award-winning software to manage their sales process.
Founded by seasoned sales professionals, Pipedrive launched in 2010. It is one of the fastest growing cloud-driven SaaS companies worldwide, having raised $80m in funding from investors including Insight Venture Partners, Bessemer Venture Partners, Atomico, Rembrandt Venture Partners and Paua Ventures.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $18 billion and invested in over 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
About Bessemer Venture Partners
Bessemer Venture Partners (BVP) is a $5B global venture capital firm that invests in consumer, enterprise and healthcare startups from seven offices around the world. One of the longest standing venture capital firms in the world, BVP invested in the early stages of Pinterest, Twitch, Blue Apron and Skype and has helped 122 of its companies go public, including SendGrid, Twilio, MindBody, Shopify, Wix, Yelp and LinkedIn. Follow us @BessemerVP.