Enterprise software producer Slack and financial services firm Citi have contributed to a $120m series C round for US-based communications software developer Nylas through subsidiaries Slack Fund and Citi Ventures respectively.
The round was led by hedge fund manager Tiger Global Management and also featured 8VC, Round13 Capital, Scale Asia Ventures, Owl Rock Capital, Blue Cloud Ventures and private investors Patrick Collison, John Collison, Sebastian Siemiatkowski and Tony Fadell.
Nylas has built an application programming interface platform that helps software developers integrate productivity functions such as email and calendars into their applications.
The company will put the series C proceeds into further developing its product offering and growing its go-to-market, product advancement, engineering and customer support teams.
Nylas also plans to accelerate investment in innovative technologies such as conversational artificial intelligence, sentiment analysis, natural language processing and optical character recognition. The round increased its total funding to $175m.
Slack Fund and Citi Ventures also participated in the company’s $25m series B round, in June 2020, which was co-led by 8VC and Round13 Capital and included Spark Capital and ScaleUp.
Spark Capital led a $16.2m round for Nykas in 2018 that was also described as a series B, investing together with Slack Fund, ScaleUp, 8VC, Industry Ventures, Great Oaks Capital, Rubicon Venture Capital and JC2 Ventures.
The company’s earlier investors include Formation 8, the predecessor of 8VC, Great Oaks, Fuel Capital, SV Angel and Data Collective.