US-based sales software producer SteelBrick completed a $48m series C round yesterday featuring existing investor Salesforce Ventures, the strategic investment subsidiary of enterprise software provider Salesforce.com.
Venture capital firm Institutional Venture Partners (IVP) led the round, which also included Emergence Capital and Shasta Ventures.
Steelbrick is the developer of ‘quote-to-cash’ software for Salesforce’s Salesforce1 platform that combines configure, price, quote (CPQ) and billing apps to help users close sales. It will use the cash to develop the next generation of its product and scale operations internationally over the next year.
The round follows an $18m series B round closed by SteelBrick in February that was led by Shasta Ventures and backed by Salesforce Ventures and Emergence Capital. SteelBrick raised $11.5m over two 2014 rounds featuring Emergence, company CEO Godard Abel and angel investor Matt Gorniak.
John Somorjai, Salesforce’s executive vice president of corporate development and Salesforce Ventures, said: “Salesforce Ventures is committed to investing in strategic partners who are delivering technology that allows companies to be truly customer-centric.
“SteelBrick has demonstrated outstanding growth and their innovative products continue to make our mutual customers successful.”