NEW YORK, NY--(Marketwired - Jan 18, 2017) - Pipedrive, an active-selling CRM platform, has closed $17 million Series B round led by Atomico with participation from existing investors Bessemer Venture Partners and Rembrandt Venture Partners.
Part of a new breed of software designed from the ground up for small businesses, Pipedrive intends to use the investment to develop its salespeople-centric product technology, grow its partner ecosystem and scale customer growth around the world. This round brings Pipedrive's total venture capital funding to over $30 million.
Unlike many business software providers which focus only on developed markets, Pipedrive is truly a global offering with more than 30,000 small business customers in more than 140 countries. With its swiftly growing global footprint, Pipedrive has seen triple-digit year-over-year revenue growth since it was founded in 2010.
"Partnership with Atomico is a huge victory for us as they are one of the few VC firms whose partners have hands-on experience building multi-billion, global and fast growing technology companies," said Timo Rein, CEO and cofounder of Pipedrive. "Selling is hard no matter where you do business. This new partnership will enable us to fulfil our mission of helping salespeople around the world sell better whether they live in NYC or a small town in Brazil."
In connection with this financing, Teddie Wardi from Atomico will join Pipedrive's board and Niklas Zennström, CEO and founding partner of Atomico and co-founder of Skype, will join as board observer.
Teddie Wardi, Partner at Atomico, said, "Timo and his team at Pipedrive are building a company that is quickly becoming the CRM software of choice for small businesses, which will help millions of companies sell better in the future. While there are plenty of established CRM solutions for the enterprise market, CRM for SMBs is a largely untapped market and is worth over $10 billion. The majority of small businesses still use spreadsheets or even pen and paper to manage their sales, but Pipedrive simplifies the process and is built around the precise needs of a salesperson."
Wardi emphasized that, "At Atomico, we love to partner with talented European entrepreneurs like Timo and his co-founders, who are building an innovative company -- from an emerging tech hub like Tallinn -- which is best positioned to become a global category winner."
Empowering Salespeople to Sell Better
Pipedrive's momentum is due to the fact that it offers a refreshing alternative in a market rife with old-school CRM software designed to control salespeople rather than help them succeed. Pipedrive gives salespeople maximum visibility into their sales pipeline and guides them to complete key activities daily that consistently push deals to close. Designed by sales pros for sales pros, Pipedrive offers one of the most comprehensive pipeline management solutions on the market.
The company's customer base consists mainly of small and medium businesses, including rapidly growing tech companies like Vimeo, Skyscanner and Teamwork.com as well as larger accounts with hundreds of users.
Pipedrive as a platform has integrations with 50+ online software solutions with more added each month. Pipedrive's customers rely on its vibrant partner ecosystem with native integration to popular business tools such as Google Apps, Trello, Zapier, MailChimp, Yesware and PandaDoc with Pipedrive as the hub.
"Pipedrive is an amazing product. It is both easy to use and easy to integrate with, which is phenomenal considering all the functionality Pipedrive offers," said Mikita Mikado, CEO and co-founder of PandaDoc and a user of Pipedrive. "Thanks to Pipedrive's API, we were able to bring our solution to market within a very short time. And, most importantly, our joint customers absolutely love it."
Prior to this round, Pipedrive secured over $13 million in Series A and seed funding backed by Bessemer Venture Partners, Rembrandt Venture Partners, AngelPad, Paua Ventures, Monashees Capital, TMT Investments and angel investors.
Founded in 2010 by seasoned sales pros, Pipedrive is a sales CRM solution designed to help salespeople rather than control them. It's built on a proven selling framework that gives visibility into the pipeline and drives actions that push deals to close consistently. Pipedrive is serving more than 30,000 paying small business customers worldwide and employs more than 200 people across its offices in New York and Estonia. Pipedrive has raised $30.4 million in funding backed by Atomico, Bessemer Venture Partners, Rembrandt Venture Partners, AngelPad and others. Pipedrive ranks no. 14 on the Inc. 5000 list as one of America's fastest growing private software companies. For more information, go to www.pipedrive.com and follow Pipedrive on twitter.
Atomico is an international investment firm, focused on helping the world's most disruptive technology companies scale and become global leaders. Founded in 2006, Atomico has made over 75 investments with a particular focus on Europe -- including Supercell, Klarna, and The Climate Corporation. Atomico's team of investors and advisors includes founders of six billion dollar companies, and operational leaders who were responsible for global expansion, hiring, user growth and marketing at companies from Skype and Google to Uber Facebook and Spotify.
About Bessemer Venture Partners
Bessemer Venture Partners (BVP) invests in early to growth stage startups, partnering closely with entrepreneurs to build market leading businesses. BVP is a global firm with offices in Menlo Park, San Francisco, Boston, New York, India and Israel. With $4 billion under management, BVP invests in innovative companies such as LinkedIn, Yelp, Skype, Pinterest, Blue Apron, and Rocket Labs. BVP's track record of investments includes more than 115 IPOs, most recently Twilio, Shopify, Box, Mindbody and Wix. Follow @BessemerVP.