Freshworks Secures $150 Million Funding Round, Led by Sequoia, CapitalG and Accel at $3.5 Billion Market Valuation
New Customer-for-Life Cloud Aggregates Data Across Silos to Improve Customer Engagement from First Touch to Latest Interaction
Freshworks Inc., the customer engagement software company, announced the signing of definitive agreements 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. As part of this effort, Freshworks 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. The financing is expected to close by year-end and is subject to customary closing conditions, including US. antitrust regulatory clearance.
“The CRM landscape is littered with solutions that are high on hype and low on results,” said Mohit Bhatnagar, Managing Director, Sequoia Capital India LLP. “Freshworks is unique in delivering software that works for end users across the organization, 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 organization and create a unified customer experience that better understands and meets their ever-changing needs.”
By using the Customer-for-Life Cloud, business teams across the organization will be better informed about their customers and can proactively act to increase customer satisfaction and lifetime value from first touch to latest interaction. The Customer-for-Life Cloud enables customers to access a 360-degree view of their customers’ data across sales, marketing, support and success — accelerating and improving a business’s ability to efficiently respond to customer inquiries and take advantage of additional sales opportunities. Teams across the enterprise will be able to move beyond simple customer ratings to actionable recommendations based on customer success data — increasing account-wide satisfaction, retention, and upsell opportunities.
“Since Freshworks’ founding, we have been at the forefront of democratizing software for the entire organization – and we’re continuing that tradition by using the most advanced cloud technologies to ensure that software delivers for the entire organization and puts the ‘customer’ back into CRM,” remarked Girish Mathrubootham, Freshworks CEO & founder. “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 underdelivered with eye-popping regularity.”