Business software tools provider Freshworks has successfully raised $100 million in a funding round led by Sequoia and Accel Partners. Along with these investors, CaptialG also participated in the funding round.
The particular round has valued the company at $1.5 billion, which was previously worth $750 million when it had earlier secured an amount of $55 million from Sequoia Capital India and Accel Partners in November 2016.
The funds raised through this funding round will be used to further grow its worldwide expansion and invest in its integrated SaaS platform.
“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,” Girish Mathrubootham, Freshworks co-founder and CEO said.
Through the latest funding round, the total funds raised by the company as of now has reached $250. Girish Mathrubootham indirectly stated that this is expected to be the last private funding round for the company, which indicated that the company may go for the public offering in the future.
The company was founded in 2010 and claims to provide its services to more than 150,000 businesses and organizations, including enterprises including Honda, Bridgestone, Hugo Boss, University of Pennsylvania, Toshiba, Cisco and global small and medium business (SMB) customers.
“Freshworks has been riding an incredible wave of growth. Coming on board to work with Girish and the rest of the executive team is an incredible opportunity and I am confident that we are well-positioned to reach the next phase of Freshworks’ expansion,” said Seshadri.
About 30% of the company’s revenue comes from larger customers and the rest is from SMBs. The company stated that the United States and Europe, along with the UK, form around 40% each of its business. Freshworks currently competes with players such as Zendesk, Salesforce, Helpshift and ServiceNow among others.