Salesforce Ventures, customer relationship management (CRM) software provider Salesforce’s corporate venturing arm, led a $60m series C round for US-based digital transformation technology producer Vlocity on Tuesday.
Venture capital firm Sutter Hill Ventures co-led the round, which included professional services firm Accenture, insurance firm New York Life and VC firm Bessemer Venture Partners. It valued the company at $1bn according to TechCrunch.
Vlocity provides mobile and cloud software that helps customer-focused businesses modernise their processes. The technology was developed in tandem with Salesforce, an investor in the company since its series A round, and it continues to partner the corporate.
The round boosted the company’s overall funding to $163m, it said, including the $42.8m series A round in 2015, which was led by Salesforce Ventures and backed by Accenture.
Sutter Hill Ventures led Vlocity’s $50m series B round the following year, investing alongside Salesforce Ventures, Accenture, New York Life, private equity firm Kennet Partners and VC firms Wildcat Venture Partners and TDF Ventures.
Jujhar Singh, general manager of Salesforce division Salesforce Industries, said: “Vlocity is a perfect example of the incredible innovation occurring in the Salesforce ecosystem and how we are working together to provide customers in all industries the technologies they need to attract and serve customers in smarter ways.
“Vlocity continues to demonstrate the significant gains customers can achieve from deep, industry-specific capabilities, delivered in concert with Salesforce’s world-leading CRM platform and industry products.”
