Pipedrive, a CRM platform for sales and marketing teams, has signed an agreement to receive a majority investment from Vista Equity Partners, an Austin, Texas-based VC firm – which puts the company's valuation at about $1.5 billion. With this, the Estonian-born startup reaches unicorn status.
Bessemer Venture Partners, Insight Partners, Atomico, DTCP, and Rembrandt Venture Partners will continue as minority investors in the company. The Pipedrive CRM uses artificial intelligence and automation to help sales teams manage leads and deals efficiently, driving more revenue for the business. According to a press release, over 95,000 sales teams have used the platform. For the third year running, it was included in the Forbes Cloud 100 list. For its next phase, the company wants to expand its product suite to cover other parts of the customer journey, too. “This means developing a holistic set of products for various customer-facing teams – from helping marketers find leads, supporting sales teams to close deals, to serving customers success professionals to upsell and nurture relationships,” said CEO Raj Sabhlok.
In March the company acquired Latvian startup Mailgen and last fundraised in 2018 with a Series C round: $50 million from most of the backers mentioned above and an extra $10 million from Deutsche Telekom Capital Partners.
Photo: Pipedrive team