Insightly Secures $10 Million in Series B Round
Funds will enable global expansion and ecosystem development
SAN FRANCISCO – September 12, 2013 – Insightly, the business freemium customer relationship management (CRM) market leader, today announced it has raised $10 million in a series B investment. Insightly will use this financing to expand globally, fund its partnerships and integrations with other leading business freemium and software-as-a-service (SaaS) application companies and resellers, and continue enhancing its web and mobile applications. The company also plans to use the funds to make key new hires and will expand to a larger office space in San Francisco’s SOMA district to support the current and planned workforce growth.
More than 184,000 small businesses from more than 100 countries rely on Insightly’s intuitive cloud- based CRM and project management solution to track customer interactions and manage contacts, proposals, opportunities, projects and files. Small and medium-sized business (SMB) users can access data from Insightly through a cloud platform optimized for web access and mobile devices. Insightly’s product integrates seamlessly with Gmail and Outlook 2013, and it has consistently been ranked as the No. 1 CRM application on the Google Apps Marketplace.
Emergence Capital Partners, Sozo Ventures and TrueBridge Capital Partners are participating in the round led by Matt Holleran, founder and managing director of Cloud Apps Management, LLC. Holleran will serve on the board as the representative of this syndicate. Gordon Ritter, founder and general partner of Emergence Capital Partners, has joined Insightly’s board. Having led Emergence’s investment in Salesforce.com and Veeva Systems, Ritter brings deep expertise in SaaS CRM solutions. Gregg Brockway, founder of Hotwire, Tripit and Chairish, also serves on Insightly’s board of directors.
“Insightly has quickly become the global leader in the business freemium CRM market as small businesses flock to its simple-yet-powerful CRM solution, business freemium model, and growing ecosystem of application and reseller partners,” said Matt Holleran, founder and managing director of Cloud Apps Management, LLC. “Insightly’s user base has almost tripled in the past year, and this funding will help the company accelerate its growth to meet rising demand from small businesses around the world.”
“Insightly’s success shows the appeal of a well-designed CRM product for the SMB market,” said Gordon Ritter, founder and general partner of Emergence Capital Partners. “Emergence Capital is thrilled to back the Insightly team, and we look forward to working with the company as it continues to grow and expand.”
Anthony Smith, CEO of Insightly, said, “This round of funding allows us to maximize the consistent momentum we’ve seen by adding new employees to meet the growing demand for our products. As we leverage the industry experience of our board members and add new talent, we’ll continue to enhance our product features and users’ experiences, and to maintain our high customer satisfaction rates.”
The recent funding follows a $3 million 2012 series A round led by Emergence Capital Partners.
With more than 350,000 users in more than 100 countries, Insightly provides customer relationship management software to small businesses worldwide. Small businesses leverage Insightly’s cloud-based application to manage customer interactions, 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 www.insightly.com.
About Cloud Apps Management, LLC
Cloud Apps Management, LLC is a very early stage venture capital firm focused on funding cloud business applications companies with business freemium and SaaS models. Matt Holleran is the founder and Managing Director of the firm. Matt is a recognized thought leader in the business freemium and SaaS business models and business application ecosystems. Prior to starting the firm, Matt was at Emergence Capital Partners where he led the firm’s business freemium strategy. Prior to Emergence, Matt’s team started and built the AppExchange, the world’s first business application marketplace, and Force.com platform ISV ecosystem at salesforce.com.
About Emergence Capital Partners
Emergence Capital Partners, based in San Mateo, Calif., is the leading venture capital firm focused on early and growth-stage SaaS and technology-enabled services companies. Its mission is to empower business users and organizations around the globe by unleashing the power of technology-enabled services. The firm’s investments include companies such as Salesforce.com (CRM), SuccessFactors (SFSF), Yammer, Lithium, Box and Veeva Systems. Emergence Capital has $575 million under management. More information on Emergence Capital can be found at www.emcap.com.
About Sozo Ventures
Sozo Ventures, based in California, is a new family of venture capital funds headquartered in Palo Alto and Tokyo focused on investing in leading information technology companies globally. Its existing investments include Twitter and Palantir Technologies.
About TrueBridge Capital Partners
TrueBridge is a niche venture capital and growth equity investment firm and registered investment advisor managing over $1 billion in assets. TrueBridge invests primarily in funds focused on early stage information technology companies in the United States. The firm has an exclusive strategic partnership with the Kauffman Fellows Program, to which TrueBridge gives half of its carried interest in order to build a long-term endowment for the program. In exchange, TrueBridge receives unique insight and access advantages into the venture capital industry. The firm is also known for its partnership with Forbes, Inc. to create the annual Midas List of the Top 100 Technology Investors. TrueBridge was established in 2007 by co-founders Edwin Poston and Mel Williams, and is headquartered in Chapel Hill, North Carolina. For more information please visit: www.truebridgecapital.com.
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