Simpplr Raises $10 Million in Series B Funding Round to Expand AI-Powered Modern Intranet Software
Demand for improved internal communications to support distributed, remote workforce during COVID-19 fuels company growth and secures financing from Norwest Venture Partners and Salesforce Ventures
Simpplr, the leading provider of modern intranet software, announced it raised $10 million in series B funding, bringing the total amount raised to nearly $30 million. The financing was led by Norwest Venture Partners with participation from Salesforce Ventures. Both are previous investors in the company. Simpplr will use the new funding to accelerate product innovation, fuel go-to market expansion and extend its partner ecosystem.
Since COVID-19 forced companies to engage with and manage employees remotely, businesses have put a renewed focus on intranets. Companies of all sizes realized they need a modern intranet solution to help remote employees stay updated with critical top-down communications that can get lost in email and other channels, find critical documents, knowledge and experts to maintain productivity at home, and stay socially connected to coworkers.
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“Right now companies are realizing that they need to create a definitive source of truth for internal communication. Employees are spread out across geographies, physically isolated from coworkers and in need of connection,” said Dhiraj Sharma, Founder and CEO of Simpplr. “We are reinventing the intranet, creating a virtual headquarters, company newsroom and online watercooler that employees love. Simpplr is purpose-built to empower employees to collaborate across departments and stay connected to the broader organization. This has helped drive customer adoption that is five times the industry average and deliver 97% customer retention.”
Last year, Simpplr grew annual recurring revenue (ARR) by 130%, serving more than 200 happy customers. Most recently, the company launched the industry’s first auto-governance engine, built on AI technology to ensure that intranet content is up-to-date, relevant and useful. Simpplr also introduced significant enhancements to its Adaptive Personalization, which tailors the user’s experience based on role, location, tenure, department, topical interests and previous searches so that only relevant content is served.
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“Simpplr has reimagined what an intranet should look like in 2020 and beyond, one built on AI with an amazing user experience that empowers employees to collaborate and stay connected,” said Promod Haque, Senior Managing Partner at Norwest Venture Partners and Simpplr board member. “Their approach to revolutionizing the intranet will deliver significant business value to employers by engaging employees in ways that boost productivity and improve communications, especially in the work from home environment. We are proud to be a part of Simpplr’s journey.”
“Simpplr has taken the traditional intranet and created a modern, easy to use solution that allows businesses to free up IT resources and keep their employees updated in real time,” said Matt Garratt, Managing Partner at Salesforce Ventures. “The company offers dozens of no-code integrations with best-in-class cloud products like Salesforce and will help push the industry forward towards a better employee experience. We’re excited to continue working with the Simpplr team as they enter the next phase of growth.”
Named a Leader in the Forrester Wave for Intranet Platforms, Q2 2020, Simpplr received top scores for personalization of communications and content delivery. The report says businesses should “shortlist Simpplr when a cloud-native, scalable platform focused on employee communications and content delivery is needed.” Companies around the world such as AAA, Eurostar, Leukemia & Lymphoma Society, Quantcast and Splunk rely on Simpplr to streamline internal communications and forge employee connections.