Apttus, a US-based online sales technology developer backed by cloud computing company Salesforce, raised $88m in a series D round yesterday including Kuwait’s sovereign wealth fund Kuwait Investment Authority (KIA).
Investment firm GII, private equity firm K1 Investment Management and family office Iconiq Capital also contributed to the round.
Founded in 2006, Apttus offers quote-to-cash cloud-based services that lets users configure price quotes, contract and revenue management. The product integrates with cloud platforms such as Salesforce’s Salesforce1 and technology company Microsoft’s Azure.
The money will support continued growth and profitable operations. The company has now secured a total of $274m in equity funding since a $37m series A round in 2013 provided by Salesforce’s corporate venturing unit Salesforce Ventures, K1 and Iconiq.
In February 2015, Apttus closed a $41m series B round, also supplied by Salesforce Ventures, K1 and Iconiq. Salesforce Ventures returned for a $108m series C round in September 2015, led by KIA and with participation from K1 and Iconiq.
Kirk Krappe, chief executive and co-founder of Apttus, said: “Today, we have secured funds that will return us to operational profitability and continue our advancement of the industry we created over a decade ago.
“This enormous step forward in our path to IPO, and all of our accomplishments, stems from our deep dedication to the success of our customers.”