Insightly said it raised $25 million of Series C financing in a deal led by SAB Capital founder Scott Bommer and joined by existing investors Emergence Capital Partners, Cloud Apps Capital Partners and Sozo Ventures. Insightly previously raised $16 million, bringing its total capital raised to more than $40 million. This funding will be used to accelerate growth and build out a direct sales team.
Insightly Closes $25 Million Series C Round to Extend CRM Leadership
Appoints vice president of sales to lead customer growth and continues to
SAN FRANCISCO – April 19, 2016 – Insightly, a leading online customer relationship management application (CRM) for small and growing businesses, today announced it has raised $25 million in a Series C Financing. The round was led by Scott Bommer, venture investor and founder of SAB Capital, with participation from existing investors Emergence Capital Partners, Cloud Apps Capital Partners and Sozo Ventures. Insightly previously raised $16 million, bringing the total capital raised to more than $40 million. This new funding will be used to further accelerate the growth of Insightly into larger businesses and build out its direct sales team.
Since it’s inception, Insightly’s goal has always been to give customers competitive functionality of enterprise CRMs without the complexity that often comes with these legacy platforms. With this funding, Insightly will continue to add integrations and capabilities that will help businesses increase sales through efficiency and organization, while remaining committed to its mission of being an easy to use CRM.
“Insightly is leading the CRM for small and mid-sized businesses, and this latest round of financing will allow the company to accelerate its growth and expand its market leadership position within the space,” said Scott Bommer. “I was attracted to Insightly’s compelling product offering and strong market position, and its opportunity for future growth. Similar to online accounting software, Xero, and project management software, Atlassian, Insightly is at the forefront of defining cloud-based capabilities for SMBs globally.”
“Insightly is well positioned as a leader in Customer Relationship Management from a global perspective, available in 7 languages and 200 countries. We are pleased to be part of its expansion into delivering easy to use CRM to the 25-250 employee customer segment,” said Matt Holleran, General Partner, Cloud Apps Capital Partners.
To further support Insightly’s expansion, Insightly is also announcing that Mark Ripley has joined the company as Vice President of Sales. With more than 15 years of sales leadership in Software as a Service (SaaS) companies like New Relic, Birst, WebEx and Mindjet, Mark brings a wealth of sales experience to the table.
“Despite the current market environment, there was significant interest from investors to contribute to this round of funding, which is a testament to the strength of Insightly’s product,” said Anthony Smith, CEO and founder of Insightly. “Over the past year, we have doubled both the size of our team and our revenue. We also surpassed the 1-million-user mark, with significant growth in the advertising, marketing and consulting verticals. This funding round will fuel strategic initiatives and product improvements that will extend Insightly’s reach and usability to help businesses of all sizes succeed.”
“Since Emergence first invested in Insightly in 2012, we’ve seen a notable market shift toward cloud solutions that seamlessly combine web and mobile applications,” said Gordon Ritter, founder and general partner of Emergence Capital Partners. “Insightly has not only met this need, it has created a CRM solution that is at the heart of hundreds of thousands of small and growing businesses.”
With more than 1 million customers in more than 200 countries, Insightly provides customer relationship management software to businesses of all sizes worldwide. Organizations leverage Insightly’s cloud-based application to manage customer interactions, leads, opportunities, proposals and projects over the web and on mobile devices. Insightly continues to grow globally and is available on the web at Insightly.com, for iOS devices in iTunes, and for Android devices on Google Play. Insightly is based in San Francisco. For more information, visit http://www.insightly.com or follow Insightly on Facebook: https://www.facebook.com/Insightly/