US-based sales software producer PipeDrive completed a $60m series C round yesterday with a $10m investment by telecommunications firm Deutsche Telekom, through its Deutsche Telekom Capital Partners (DTCP) unit.
The extra funding was added to a $50m first tranche in June this year that was led by Insight Venture Partners and backed by fellow venture capital firms Bessemer Venture Partners, Atomico and Rembrandt Venture Partners.
Founded in 2010, PipeDrive has built a customer relationship management (CRM) platform designed to be easy for salespeople to use while also providing detailed data analytics.
The company recently released an upgraded version dubbed Pipedrive Platinum with extra features including the automation of some recurring sales tasks. In addition to its investment, made through DTCP’s Venture/Growth Fund, Deutsche Telekom will help PipeDrive expand in Germany.
Timo Rein, Pipedrive’s co-founder and CEO, said: “This funding will be used to help every salesperson who believes there is a better way to manage sales and who believes there is a product to help them deal with their pressure and with their need to stay focused.
“This belief has helped us build the Pipedrive product and grow the company, and it has inspired investors to further invest in our growth. Adding a strong Europe-based investor such as DTCP to our existing circle of investors also better reflects our global customer base and ambition.”
The round increased PipeDrive’s overall funding to more than $90m, it said in a statement. The company told TechCrunch it is now valued at more than $300m.
Atomico had previously led PipeDrive’s $17m series B round in January 2017, investing alongside Bessemer and Rembrandt.
PipeDrive had previously received $9m in a 2015 series A round led by Bessemer Venture Partners that included Paua Ventures and existing backers Rembrandt Venture Partners and AngelPad.