Funding round comes as company eyes an IPO
Business software specialist Freshworks has secured $100 million (£76.1 million) in a Series G funding round co-led by Accel and Sequoia, bringing up their overall total capital amount to $250 million (£190.3 million).
The American company, founded in India in 2010 – where it employs some 1,400 people – provides a range of Software-as-a-Service (SaaS) products under the “Fresh” banner. The funding round also drew in Alphabet’s late-stage growth fund CapitalG.
Honda, the National Health Service (NHS), Rightmove, Cisco and Hugo Boss are a few of the 150,000 organisations who are currently using Freshworks’ services, which include the cloud-based Freshdesk product to track customer conversations, manage tickets, and collaborate with team members.
The company also provides IT service management software, sales CRM software, call center software, and more. the latest funding round values it at close to $1.5 billion.
Cash in the Bank, New CFO
The company has also recruited a new Chief Financial Officer, Suresh Seshadri, formerly of application performance management company AppDynamics (acquired by Cisco in 2017).
Seshadri joins Freshworks as CFO after serving as Vice President of Finance & Treasury for AppDynamics.
Seshadri commented: “Coming on board to work with Girish and the rest of the executive team is an incredible opportunity and I am confident that we are well-positioned to reach the next phase of Freshworks’ expansion.”
Girish Mathrubootham, co-founder and CEO for Freshworks said: “When we started Freshworks in 2010, we were a single-product company with a goal of offering better, easier-to-use customer service software than what was in the market.
“We’ve since scaled our company to $100m in annual recurring revenue and built a full SaaS platform where all of our products – such as Freshsales, Freshdesk, and Freshservice – work together seamlessly, without requiring additional integration resources or consultants to make the software simply work.”
Sameer Gandhi, partner at Accel added: “Freshworks has built the only customer engagement platform on the market that elegantly meets the needs of a business of any size with software that is modern, intuitive and affordable.
“We’re confident that the Freshworks approach is the way forward for businesses seeking a better approach.”