GV, the corporate venturing subsidiary of internet and technology group Alphabet that was formerly known as Google Ventures, co-led a $175m series D round for US-based customer data software provider Segment yesterday.
The round was co-led by venture capital firm Accel and private equity firm Meritech Capital, and included Thrive Capital, Y Combinator Continuity, Sapphire Ventures and eVentures. It valued Segment at $1.5bn, a person familiar with the matter told Bloomberg.
Segment has created a software platform that enables businesses to collect, store and manage customer data that can then be organised using marketing, data analytics and warehousing tools.
The series D funding will go to international growth that will be driven by the opening of new offices in the North America, Asia Pacific and Europe, Middle East and Africa regions. It will also be invested in marketing and the expansion of the company’s partner network.
GV general partner Dave Munichiello said: “Segment continues to be a growth machine driven by the rapid adoption of global enterprises with data-driven, customer-centric mindsets.
“The company’s traction among the Fortune 5000, strong international growth, and differentiated product suite solidifies Segment’s position as the leader in customer data infrastructure.”
Segment has now raised $284m in total, including $64m in a mid-2017 series C round co-led by GV and Y Combinator Continuity Fund, and backed by Accel, Thrive Capital, SV Angel and New Enterprise Associates.
The company’s earlier investors include Kleiner Perkins Caufield & Byers and individual investor Jon Winkelried as well as Thrive Capital, Accel and eVentures.
