Canada-based cloud sales software developer Tier1CRM has received $34m in a round featuring subsidiaries of enterprise software provider Salesforce and insurance firm Massachusetts Mutual Life Insurance.
Private equity firm Wavecrest Growth Partners led the round, and the corporates participated through their respective corporate venturing vehicles, Salesforce Ventures and MassMutual Ventures.
Founded in 2008, Tier1 has developed cloud-based customer relationship management (CRM) software, helping investment banks, investment managers, and sales and trading desks foster ties with their clients.
The funding will be used for product development, and to extend Tier1’s marketing and sales operations as the company looks to add more companies to its partner ecosystem. It had not disclosed details of any earlier funding.
Mark Notten, Tier1’s co-founder and CEO, said: “We are as excited now as we have ever been at the opportunities that exist for us in the market today. Financial institution adoption of cloud customer relationship management solutions continues to increase at a rapid pace.”