Financing Will Fuel Rapid Growth, Accelerate Product Development and Expand Global Customer Service and Support
Vlocity, Inc., a leading industry cloud software company and Forbes Cloud 100 company, announced that it secured $60 million in funding to drive digital transformation and customer experience improvements across multiple vertical industries. The Series C financing was led by Sutter Hill Ventures and Salesforce Ventures, with participation from new investor Bessemer Venture Partners and existing strategic investors Accenture and New York Life. This latest financing brings Vlocity’s total capital raised to $163 million.
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Vlocity has quickly emerged as a leader in industry-specific cloud and mobile software that helps companies transform their customer experiences. Vlocity customers include leaders and emerging players in five specific industries: Communications and Media; Insurance and Financial Services; Health; Energy and Utilities; and Government and Non-Profit. Vlocity applications embed deep industry-specific functionality, best practices and business processes, building on the omnichannel capabilities of the Salesforce Platform. This combination enables companies to achieve greater business agility and time-to-value in the cloud, while delivering unified customer experiences across channels and devices.
The latest investment round will be used to accelerate and deepen product development in Vlocity’s portfolio of award-winning industry cloud applications, built on Salesforce, the global leader in CRM. It will also fund the ongoing growth of Vlocity’s global service and support teams and support infrastructure. Vlocity now has more than 700 employees in 20 countries around the world who are all rooted in Vlocity’s seven Core Values including “Customers First” and “People are the Core”.
“As entire industries are being disrupted, Vlocity is leading a trend in cloud software towards industry specialization with a deep product portfolio serving several massive vertical markets,” said Jim White, managing director of Sutter Hill Ventures. “We know founder and CEO David Schmaier from the early days of CRM, and we continue to be impressed with his proven leadership team, focused strategy and strong execution for driving massive value for companies as they go digital in their target industries.”
“Vlocity is a perfect example of the incredible innovation occurring in the Salesforce ecosystem and how we are working together to provide customers in all industries the technologies they need to attract and serve customers in smarter ways,” said Jujhar Singh, EVP and GM, Salesforce Industries. “Vlocity continues to demonstrate the significant gains customers can achieve from deep, industry-specific capabilities, delivered in concert with Salesforce’s world-leading CRM platform and industry products.”
“I am delighted by the incredible success and transformation that our customers realize when they adopt our modern industry cloud and mobile applications,” said Vlocity Founder and CEO David Schmaier. “Their operational and financial benefits are exceeding expectations, proving that the best customer experiences are industry-specific and that the industry cloud enables unprecedented business agility and faster time to value. This latest investment will enable us to accelerate delivery of Vlocity’s industry cloud software by fueling the expansion of our product development, customer success and support infrastructure for our customers around the world.”