US-based customer engagement software developer Podium has secured $32m in a series A round backed by GV, the corporate venturing unit formerly known as Google Ventures, TechCrunch reported on Tuesday.
Venture capital firm Accel led the oversubscribed round, which valued Podium at more than $100m and which was originally intended to be between $20m and $25m in size. Growth equity firm Summit Partners and accelerator Y Combinator also participated.
Podium has created a platform that helps brick-and-mortar businesses utilise online customer feedback to improve their service. It has about 10,000 businesses in its network and aims to reach $30m in revenue for 2017.
Co-founder and CEO Eric Rea told TechCrunch the company will use the series A funding to hire more engineers as it looks to add a customer interaction tool to the platform.
The round increased Podium’s overall funding to $36m according to TechCrunch, $120,000 of which came from Y Combinator when Podium graduated from its 2016 class.