SOURCE: SteelBrick

SteelBrick

October 13, 2015 12:30 ET

SteelBrick Raises $48 Million in Series C Funding to Deliver on the Need for Speed in Modern Sales

SteelBrick Automates Sales Processes and Accelerates Revenue Growth With Next Generation Quote-to-Cash Software

SAN MATEO, CA--(Marketwired - Oct 13, 2015) -  SteelBrick, the fast-growing provider of next-generation quote-to-cash software applications built on the Salesforce1 platform, today announced that it has closed $48 million in Series C funding led by Institutional Venture Partners (IVP), with substantial participation from existing investors Emergence Capital, Salesforce Ventures and Shasta Ventures.

This new round brings SteelBrick's total funding received to more than $78 million in the last 18 months. SteelBrick will use the funds to prepare for accelerated growth going into 2016, to build out its next generation Quote-to-Cash software, and to scale its services and support resources globally to meet growing demand, including expanding its new office near London.

SteelBrick will scale quickly to help thousands of modern sales leaders and CFOs around the world accelerate sales cycles and collections. The company recently launched its next generation Quote-to-Cash suite that is natively built on the Salesforce1 platform. The suite features SteelBrick's highly rated Configure, Price, Quote (CPQ) application for automating sales quoting and contracting and its new SteelBrick Billing application for managing revenue recognition, billing and payment collection across subscription, one-time, and usage based business models. 

Together with the new SteelBrick Analytics, these Quote-to-Cash applications allow businesses to analyze and optimize the sales and revenue funnel from end-to-end while increasing sales productivity, eliminating errors, optimizing pricing, increasing cross-selling, and accelerating revenue and cash flow. 

Over the past year, SteelBrick has experienced explosive growth:

  • Grown subscription bookings by over 300 percent per annum
  • Expanded its customer base over 200 percent to 350 high-growth customers
  • Built its global team from 50 to 150 talented, caring employees

"SteelBrick is about helping our customers grow revenue more quickly and more profitably. With our newly expanded Quote-to-Cash suite, we make closing deals as easy as possible for sales teams, while we help our customers quickly recognize revenue and collect cash," said Godard Abel, CEO of SteelBrick. "We're thrilled to now have the capital and support from world class technology investors to build the company of our dreams."

Jules Maltz from Institutional Venture Partners (IVP) will join SteelBrick as a Board Observer. Maltz has previously invested in leading software companies including DropboxMarketo (NASDAQ: MKTO), Slack, YextZendesk (NASDAQ: ZEN), and Zenefits.

"Over the last year SteelBrick has shown tremendous growth," said Jules Maltz, General Partner at IVP. "With the company's innovative and comprehensive approach, unmatched momentum and proven executive team, we believe SteelBrick is primed to solidify its place as the Quote-to-Cash market leader. We are excited to be a part of this next phase."

"Salesforce Ventures is committed to investing in strategic partners who are delivering technology that allows companies to be truly customer centric," said John Somorjai, EVP of Corporate Development and Salesforce Ventures, Salesforce. "SteelBrick has demonstrated outstanding growth and their innovative products continue to make our mutual customers successful."

For more information about SteelBrick, please visit www.steelbrick.com.

Salesforce, Salesforce1 and others are trademarks of salesforce.com, inc.

About SteelBrick
SteelBrick's Next Generation Quote-to-Cash suite includes Configure, Price, Quote (CPQ) and Billing apps that are fast and easy to deploy. The company's SaaS applications are built native on the Salesforce1 platform and enable sales to create accurate sales quotes quickly and submit orders from any desktop or mobile device, as well as seamlessly generate proposals, contracts and invoices, collect cash, and manage revenue recognition. SteelBrick powers sales for more than 350 high-growth customers including Cloudera, Nimble Storage, HootSuite and Marketo. SteelBrick is backed by $78M in capital from leading cloud investors Emergence Capital, Institutional Venture Partners, Salesforce Ventures, and Shasta Ventures. For more, go to www.steelbrick.com.

About Institutional Venture Partners (IVP)
With $5.4 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital and growth equity firms in the United States. Founded in 1980, IVP has invested in over 300 companies and 103 have gone public. IVP is one of the top-performing firms in the industry and has a 34-year IRR of 43.2%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions and select public market investments. IVP investments include such notable companies as AppDynamics, ArcSight (HPQ), Buddy Media (CRM), ComScore (SCOR), Datalogix (ORCL), Domo, Dropbox, Dropcam (GOOG), Fleetmatics (FLTX), HomeAway (AWAY), Kayak (PCLN), LegalZoom, LifeLock (LOCK), Marketo (MKTO), MySQL (ORCL), Netflix (NFLX), Omniture (ADBE), OnDeck (ONDK), Prosper, Pure Storage (PSTG), RetailMeNot (SALE), Shazam, Slack, Snapchat, SoundCloud, Supercell, Synchronoss (SNCR), The Honest Company, Twitter (TWTR), Zenefits, and Zynga (ZNGA). For more information, visit http://www.ivp.com or follow IVP on Twitter: @ivp.

About Emergence Capital Partners
Emergence Capital Partners (@emergencecap), based in San Mateo, Calif., is the leading venture capital firm focused on early and growth-stage enterprise cloud companies. Its mission is to invest in the cloud visionaries who are building the most important business applications. The firm's investments include companies such as Salesforce.com (CRM), SuccessFactors (SFSF, acquired by SAP), Veeva Systems (VEEV), Yammer (acquired by Microsoft), and Box (BOX). More information on Emergence Capital can be found at http://www.emcap.com.

About Salesforce Ventures
Salesforce Ventures -- Salesforce's corporate investment group -- invests in the next generation of enterprise technology to help companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world's largest cloud ecosystem and the guidance of Salesforce's innovators and executives. With Salesforce Ventures, portfolio companies can also leverage the expertise of the Salesforce Foundation to incorporate its 1-1-1 model of integrated philanthropy to make giving back part of their business model. Salesforce has invested in more than 150 enterprise cloud startups since 2009. For more information, please visit www.salesforce.com/ventures.

About Shasta Ventures
Shasta Ventures is an early-stage venture firm investing its fourth fund in consumer technology and enterprise start-ups. Shasta aims to partner with bold, creative entrepreneurs who have exceptional instincts and insights into the needs, desires and behaviors of the people who use their products. The firm is based in Menlo Park and San Francisco, California. Shasta Ventures has supported the founders of dozens of successful companies, including: Anaplan, Apptio, Crittercism, Lithium, Mint, Nest, Nextdoor, Turn, Zenprise and Zuora. For more information, please visit www.shastaventures.com, or follow us on Twitter at @shasta.

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