Customer engagement software provider Freshworks racks up $100 mln.
Freshworks, a global leader in customer engagement software, today announced it has secured $100 million in financing and has hired former AppDynamics Vice President of Finance & Treasury, Suresh Seshadri as Chief Financial Officer. The latest round of funding is co-led by Sequoia and Accel Partners, with participation from CapitalG, bringing Freshworks’ total amount of capital raised to date 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.
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| Freshchat |
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. The company is headquartered in San Bruno, CA and has offices in India, the United Kingdom, Germany and Australia.
“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 – like Freshsales, Freshdesk, and Freshservice – work together seamlessly, without requiring additional integration resources or consultants to make the software simply work,” said Girish Mathrubootham, Co-founder and CEO, Freshworks. “With the addition of Suresh leading our financial management and strategy towards a path of free cash flow breakeven 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.”
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| Freshdesk |
“The SaaS ecosystem today is rife with bloated solutions,” said Sameer Gandhi, Partner, Accel Partners. “Meanwhile, Freshworks has built the only customer engagement platform on the market that intuitively meets the needs of businesses of all sizes. We’re confident that Freshworks’ model is the way forward for SaaS and our continued investment in the company is proof of that.”
“Sequoia first backed Freshworks in 2016 and didn’t hesitate for a moment to double down on the investment,” said Mohit Bhatnagar, Managing Director, Sequoia Capital India Advisors.
“Girish and his team have worked relentlessly to build Freshworks into a leading SaaS company from India – one that is truly global with customers across 156 countries. 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.”
“Freshworks has been riding an incredible wave of growth,” said Suresh Seshadri, the company’s new CFO, who previously helped prepare AppDynamics for its IPO before it was acquired by Cisco in 2017. “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.”
Since its last funding round, Freshworks has made several technology acquisitions to further bolster its product offerings. Several of these technologies were featured in its recently announced cloud bundle, Freshworks 360, that brings together sales, marketing, and support applications to provide users with a full, easy-to-use customer engagement experience.
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| Freshservice |
About Freshworks
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. The company’s products include Freshdesk, Freshservice, Freshsales, Freshcaller, Freshteam, Freshchat and Freshmarketer. Founded in October 2010, Freshworks Inc. is backed by Accel, Tiger Global Management, CapitalG, and Sequoia Capital India. Freshworks has its HQ in San Bruno, California and global offices in India, UK, Australia, and Germany. The company’s cloud-based suite is widely used by over 150,000 businesses around the world including the NHS, Honda, Rightmove, Hugo Boss, Citizens Advice, Toshiba and Cisco.
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