Customer engagement software firm Freshworks Inc has hit a valuation of $3.5 billion after receiving a Series-H funding of $150 million from its existing investors — Sequoia Capital, CapitalG, and Accel Partners. The financing, subject to customary closing conditions, including US antitrust regulatory clearance, is expected to close by year-end.
The company will use the capital for global expansion and to accelerate investment in its integrated software as a service (SaaS) platform. As part of this, Freshworks announced its Customer-for-Life Cloud, which establishes a common data platform across all of the company’s customer engagement products to unify important customer information from marketing, sales, support and customer success.
With this, the total capital raised by the company from its inception in 2010 would be around $400 million.
"There’s a reason Sequoia’s teams across India and the US have each independently decided to double down on Freshworks as it expands its footprint from India to global markets. The opportunity has never been greater to align an entire organisation and create a unified customer experience that better understands and meets their ever-changing needs,” said Mohit Bhatnagar, Managing Director, Sequoia Capital India LLP.
“Since Freshworks’ founding, we have been at the forefront of democratizing software for the entire organization – and we’re continuing that tradition by using the most advanced cloud technologies to ensure that software delivers for the entire organization and puts the ‘customer’ back into CRM,” said Girish Mathrubootham, Freshworks CEO and founder.