Chennai-based software as a service (SaaS) company Freshworks on Tuesday announced that it has secured $100 million in funding co-led by Accel and Sequoia, with participation from CapitalG. With this, Freshworks’ total amount of capital raised has touched $250 million.
The cash infusion will be used to further expand Freshworks’ worldwide operations as well as for continued investment in its integrated SaaS platform.
The company has also hired former AppDynamics vice-president of finance and treasury Suresh Seshadri as its chief financial officer.
Freshworks co-founder and CEO Girish Mathrubootham said: “When we started Freshworks in 2010, we were a single-product company with a goal of offering better, easier-to-use customer service software than what was in the market. We’ve since scaled our company to $100 million in annual recurring revenue and built a full SaaS platform where all of our products — such as Freshsales, Freshdesk and Freshservice — work together seamlessly, without requiring additional integration resources or consultants to make the software simply work.” Freshworks provides organisations of all sizes with SaaS solutions that make it easy for customer support, sales and marketing professionals to communicate effectively with customers for better service and collaborate with team members to resolve customer issues.
Over 150,000 organisations worldwide use Freshworks, including NHS, Honda, Rightmove, Hugo Boss, Citizens Advice, Toshiba and Cisco.
“With the addition of Suresh leading our financial management and strategy toward a path of free cash flow break-even and our latest — and likely last — private funding round in place, we believe we have a unique opportunity to attract customers from around the globe who have been let down by legacy solutions,” Mathrubootham said.
Since its last funding round, Freshworks has made several technology acquisitions to further bolster its product offerings.
Sameer Gandhi, a partner at Accel, said: “Freshworks has built the only customer engagement platform on the market that elegantly meets the needs of a business of any size with software that is modern, intuitive and affordable. We’re confident that the Freshworks approach is the way forward for businesses seeking a better approach.”
“Sequoia first backed Freshworks in 2016 and didn’t hesitate for a moment to double down on the investment,” said Mohit Bhatnagar, managing director of Sequoia Capital India Advisors.
Seshadri, the company’s new CFO, previously helped prepare AppDynamics for its IPO before it was acquired by Cisco in 2017 said : “Coming on board to work with Girish and the rest of the executive team is an incredible opportunity and I am confident that we are well-positioned to reach the next phase of Freshworks’ expansion.”