Freshworks, a customer engagement software has secured $100 million in financing co-led by Accel and Sequoia, with participation from CapitalG, bringing Freshworks’ total amount of capital raised to $250 million.
The cash infusion will be used to further expand Freshworks’ worldwide expansion as well as continued investment in its integrated SaaS platform.
Freshworks provides organizations of all sizes with SaaS solutions that make it easy for customer support, sales and marketing professionals to communicate effectively with customers for better service and collaborate with team members to resolve customer issues. To date, over 150,000 organizations worldwide use Freshworks, including NHS, Honda, Rightmove, Hugo Boss, Citizens Advice, Toshiba and Cisco.
“When we started Freshworks in 2010, we were a single-product company with a goal of offering better, easier-to-use customer service software than what was in the market. We’ve since scaled our company to $100M in annual recurring revenue and built a full SaaS platform where all of our products – such as Freshsales, Freshdesk, and Freshservice – work together seamlessly, without requiring additional integration resources or consultants to make the software simply work,” said Girish Mathrubootham, the co-founder and CEO of Freshworks. “With the addition of Suresh leading our financial management and strategy toward a path of free cash flow break-even and our latest – and likely last – private funding round in place, we believe we have a unique opportunity to attract customers from around the globe who have been let down by legacy solutions.”
“The business software landscape today is teeming with bloated, inflexible and expensive solutions,” said Sameer Gandhi, a partner at Accel. “Freshworks has built the only customer engagement platform on the market that elegantly meets the needs of a business of any size with software that is modern, intuitive and affordable. We’re confident that the Freshworks approach is the way forward for businesses seeking a better approach.”
The San Bruno, Calif., based firm with offices in India, the United Kingdom, Germany and Australia has made several technology acquisitions to further bolster its product offerings into cloud, sales, marketing and support applications to provide users with a full, easy-to-use customer engagement experience.
Mohit Bhatnagar, the managing director of Sequoia Capital India Advisors said the investment reinforces the Sequoia principle of being a long-term business partner to founders and supporting them at every stage of their company’s growth.
Seshadri, the company’s new CFO, previously helped prepare AppDynamics for its IPO before it was acquired by Cisco in 2017.