Salesforce Ventures, the corporate venturing subsidiary of customer relationship management software producer Salesforce, has reinvested in US-based quote-to-cash implementation provider Simplus as part of a $20m series C round.
The round was led by Kensington-SV Global Innovations (KSV), a vehicle for private equity fund manager Kensington Capital Partners, and included Savano Capital Partners, Epic Ventures, Cross Creek Advisors and University Growth Fund.
Simplus’ chief financial officer, Paul Fletcher, and private investor Godard Abel also took part in the round, with Silicon Valley Bank (SVB) providing an additional $6.5m in debt financing.
Founded in 2014, Simplus helps companies in the Salesforce ecosystem improve their workflows and business processes by providing configuration, implementation and change management services.
The series C proceeds will fund the company’s expansion into new geographies and industries in addition to the development of new products.
Simplus closed a $9.3m series B equity round in late 2017 that was led by Epic and backed by Salesforce Ventures and Cross Creek Advisors, while SVB supplied $8.5m in debt financing.
Epic had previously led Simplus’ $7m series A round in October 2016, investing alongside Salesforce Ventures and SVB. The company had closed a $4.2m seed round in 2015 that featured SVB, Epic Ventures, Infinite Investments, Prelude Service, Provider Capital and several angel investors and Simplus employees.