Software startup Pipedrive attracts €7.9 million investment
Estonian company Pipedrive, which creates software for salesmen, has raised an additional 7.9 million euros (9 million dollars) in funding to help accelerate its growth.
Pipedrive was founded in Tallinn in 2010 and produces customer relations management (CRM) software.
The company has over 10,000 paying customers and 50,000 users in over a hundred countries and it makes millions of euros in sales revenue, although the exact data has not been disclosed. Last year, it paid over 200,000 euros in employment taxes alone to Estonia's state coffers. A third of the company’s customers come from Europe, a third from the US and a third from the rest of the world.
“This investment will help us hire more talented people to join our current family of employees. With their help, we will build more technology, market more broadly and deliver greater service to our more than 10,000 customers and many more small businesses and their salespeople around the world,” Pipedrive‘s CEO Steve Oriola, an American, said in a statement.
The funding round was led by American venture capital firm Bessemer Venture Partners. “Pipedrive’s growing base of more than 10,000 paying small business customers shows that the company’s simple, intuitive approach to helping them sell better by visualizing the sales pipeline works. We invested in Pipedrive because we believe that it has the potential to help more small businesses around the world close more business,” Alex Ferrara, a partner at Bessemer Venture Partners, said.
Previously, the former star basketball player, Shaquille O’Neal, has also invested in the company. Pipedrive has raised 11.8 million euros (13.4 million dollars) to date.