SugarCRM Completes $33M Financing Round
Provider of open source CRM applications hopes cash infusion will help it add more enterprise customers in 2012. It turned in a strong performance in 2011, achieving 67 percent top-line billings growth and adding more than 2,700 new customers.
SugarCRM has completed a $33 million equity and debt financing round, which was led by New Enterprise Associates (NEA) and included participation from new investors Silicon Valley Bank and Gold Hill Capital. All of SugarCRM’s current investors, including Draper Fisher Jurvetson and Walden International, also participated.
According to a company statement, SugarCRM will use the funds to continue its advancement into the enterprise market and to pursue strategic business opportunities. SugarCRM turned in a strong financial performance in 2011, achieving 67 percent top-line billings growth. It also added more than 2,700 new customers last year.
The company delivered two major product releases in 2011 and received several awards throughout the year. Among the accolades, SugarCRM was named overall winner of the 2011 AlwaysOn On Demand100 Top Private Companies and also selected as the best open source application for sales force automation and customer support services and the winner in the open source category in the InfoWorld Bossie Awards.
SugarCRM was one of the companies featured in Enterprise Apps Today's Midmarket CRM Buying Guide.
According to SugarCRM, its open source CRM applications have been downloaded more than ten million times and currently serve over a million end users in 192 countries. The company hopes to build off its strong performance in 2011 and is "off to a great start in 2012,” said Larry Augustin, its CEO.