US-based enterprise cloud software provider Vlocity raised $50m yesterday in a series B round featuring cloud computing company Salesforce.com, insurance firm New York Life and professional services provider Accenture.
Venture capital and private equity firm Sutter Hill Ventures led the round, which also included private equity firm Kennet Partners and VC firms TDF Ventures and Wildcat Venture Partners. Salesforce took part through its Salesforce Ventures unit.
Vlocity produces industry-specific cloud apps built on Salesforce cloud platforms that help companies provide better experiences for their customers. It offers apps focused on media and communications, insurance, health insurance and the public sector.
David Schmaier, founder and CEO of Vlocity, said: “This latest investment will help us accelerate the delivery of our industry cloud software by fuelling the expansion of our service and support infrastructure for our customers around the world.”
Vlocity has now raised almost $93m in total, having closed a $42.8m series A round in April 2015 that was led by Salesforce Ventures and backed by Accenture.
John Somorjai, Salesforce’s executive vice-president of corporate development and Salesforce Ventures, said: “We are excited to have Vlocity contributing to the incredible innovation occurring in the Salesforce ecosystem.
“Vlocity has proven that even the largest and most complex on-premise [customer relationship management] systems can easily migrate to the cloud – an amazing testament to the growth potential and power of the Salesforce platform.”
John Kim, president and chief investment officer of New York Life, added: “Vlocity will deliver to our teams, our agents, our partners and our customers meaningful cross-channel collaboration opportunities.
“Our investment is a reflection of our confidence in Vlocity and the strategic impact their products promise to have on our customer relationships.”