Freshworks raises $150 million led by Sequoia Capital, CapitalG

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Chennai | Published: November 15, 2019 3:02:03 AM

Chennai and San Mateo-based SaaS unicorn Freshworks has announced signing of definitive agreement for a $150 million Series H round of funding at a post-financing valuation of $3.5 billion.

Post this latest round of funding, the company has so far raised 9 million.

Chennai and San Mateo-based SaaS unicorn Freshworks has announced signing of definitive agreement for a $150 million Series H round of funding at a post-financing valuation of $3.5 billion.

The round was led by existing investors Sequoia Capital, CapitalG, and Freshworks’ first investor, Accel. The capital will be used to further Freshworks’ worldwide expansion as well as accelerate investment in its integrated SaaS platform. The financing is expected to close by year-end and is subject to customary closing conditions, including the US anti-trust regulatory clearance.

Post this latest round of funding, the company has so far raised $399 million. Freshworks entered the unicorn club of startups in July last year after it raised $100 million in its Series G funding round.

Freshworks has also announced its customer-for-life cloud, which establishes a common data platform across all of the company’s customer engagement products to unify important customer information from marketing, sales, support, and customer success to enhance the never-ending customer journey.

Mohit Bhatnagar, MD, Sequoia Capital India, said: “Freshworks is unique in delivering software that works for end users across the organisation, whether in marketing, sales, support or customer success. There’s a reason Sequoia’s teams across India and the US have each independently decided to double down on Freshworks as it expands its footprint from India to global markets. The opportunity has never been greater to align an entire organisation and create a unified customer experience that better understands and meets their ever-changing needs.”

Buoyed by rapid growth, Freshworks expanded its global presence, opening its second US office in Denver in October. As part of its expansion efforts, the company aims to hire over 100 sales and solution engineers to support increased sales activity in the region. With the addition of the Denver office, Freshworks now counts over 11 offices across the globe backed by a team of over 2,500 employees.

Freshworks CEO & founder Girish Mathrubootham said: “Since Freshworks’ founding, we have been at the forefront of democratising software for the entire organisation — and we’re continuing that tradition by using the most advanced cloud technologies to ensure that software delivers for the entire organisation and puts the ‘customer’ back into CRM. The customer-for-life cloud enables businesses to sharpen their customer understanding to better predict and enable success, displacing dismal legacy SaaS solutions that have over-promised and under-delivered with eye-popping regularity.”

The company expanded its ecosystem of partners by signing 52 new partners in July-September quarter of 2019, listing over 400 worldwide partners serving both SMB and enterprise businesses. In addition, the Freshworks Marketplace hit an important milestone, surpassing over 700 apps on the site.

During the quarter, Freshworks also bolstered data protection and reduced latency in the ANZ region by expanding the number of products hosted in its Sydney data centre.

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