ProsperWorks nabs $53 mln Series C


San Francisco-based ProsperWorks, a provider of CRM solutions for G Suite, has secured $53 million in Series C funding. Promod Haque at Norwest Venture Partners led the round with participation from GV, Industry Ventures, Next World Capital, Storm Ventures and True Ventures.

PRESS RELEASE

SAN FRANCISCO – September 26, 2017 – ProsperWorks, the leading CRM for G Suite that is also recommended by Google’s G Suite Marketplace, today announced it has raised $53 million in Series C funding led by Midas List Hall of Fame investor Promod Haque at Norwest Venture Partners. GV (formerly Google Ventures), Industry Ventures, Next World Capital, Storm Ventures and True Ventures also participated in the round, which brings ProsperWorks’ total funding to $87 million, propelling it to the top of Salesforce challengers in terms of capital raised and growth rate.

“Customer Relationship Management is the most important enterprise software category, yet most CRM technology is complicated and difficult to use, making the tool incredibly inefficient,” said Jon Lee, ProsperWorks co-founder and CEO. “In 2017, it’s mind-blowing that companies are wasting tens of billions of dollars a year on CRMs their teams hate, don’t use, or don’t know how to use well. No wonder today’s CRM have a 47% failure rate according to Forrester. That’s why we created ProsperWorks – to give sales teams access to a modern CRM they love to use and that actually drives revenue growth.”

ProsperWorks was built on the premise that CRM technology was hindering sales teams rather than helping them. By automating repetitive tasks and eliminating data entry through seamless integration with apps like Gmail, Google Contacts and Google Calendar, ProsperWorks is doing what industry giants have failed to do: create an easy to use tool that fits within the organization’s existing workflow. “Every CEO will tell you that the biggest problem with their CRM is that salespeople won’t use it,” Lee added. “At ProsperWorks, 86 percent of our paying customers use it every day.”

“ProsperWorks has enabled us to move from an underpowered and seldom used CRM functioning in silos to a more collaborative, transparent, team-centered
approach,” said Sarah Gilbert, Director of IT at RHR International. “Never before has it been this easy to not only use our CRM, but use it how it’s meant to be used – to help everyone sell to new prospects.”

Founded by a team of experienced entrepreneurs in 2013, ProsperWorks has grown to 140 employees, more than tripled its revenue in 2016, and is helping upwards of 25,000 customers sell more. As a result, ProsperWorks boasts an exceptionally high adoption rate and is not only the fastest growing CRM, but also one of the fastest growing SaaS companies with a 34 percent compound monthly growth rate.

“ProsperWorks is disrupting the CRM industry by challenging technology that has not been able to keep up with the user demand or adapt to market forces,” said Promod Haque, senior managing partner at Norwest. “This was a unique opportunity to invest in the fastest growing CRM company with an experienced team at the helm. ProsperWorks continues to gain market share with a robust and flexible solution that is at the cutting edge of innovation.”

ProsperWorks will use the investment to hire more engineers to continue investing even deeper into G Suite, building out a 3rd party application integration platform and serving mid-sized companies to make it simple to deploy sales best practices that drive immediate revenue growth. The company also has plans for expansion globally.

About ProsperWorks

ProsperWorks is a recommended CRM for G Suite (formerly Google Apps for Work). ProsperWorks helps companies sell more with a CRM that’s simple to use, deeply integrated with G Suite and automated to eliminate tedious data entry. Founded by entrepreneurs Jon Lee and Kelly Cheng, ProsperWorks is based in San Francisco, has 140 employees and has raised $87M in venture capital financing. For more information, visit http://www.prosperworks.com.

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