Funding Deal Enables Freshworks to Improve SaaS Platform

Freshworks, a producer of customer engagement software, has announced that it has secured $100 million in financing and has hired former AppDynamics Vice President of Finance & Treasury Suresh Seshadri as chief financial officer.
 
The latest round of funding is co-led by Sequoia and Accel Partners, with participation from CapitalG, bringing Freshworks’ total amount of capital raised to date to $250 million. The cash infusion will be used to continue Freshworks’ expansion as well as to finance its integrated SaaS platform.
 
Freshworks provides organizations of all sizes with SaaS solutions that make it easier for customer support, sales, and marketing professionals to communicate with customers. The solutions are also designed to help them collaborate with team members to resolve customer issues.
 
Over 150,000 organizations worldwide use Freshworks, including NHS, Honda, Rightmove, Hugo Boss, Citizens Advice, Toshiba, and Cisco. The company is headquartered in San Bruno, California, and has offices in India, the United Kingdom, Germany, and Australia.
 
“When we started Freshworks in 2010, we were a single product company with the goal of offering better, easier-to-use customer service software,” says Girish Mathrubootham, co-founder and CEO of Freshworks.
 
“We’ve since scaled our company to $100 million in annual recurring revenue and built a full SaaS platform where all of our products – like Freshsales, Freshdesk, and Freshservice – work together seamlessly, without requiring additional integration resources or consultants to make the software simply work. With the addition of Suresh leading our financial management and strategy, we believe we have a unique opportunity to attract customers from around the globe who have been let down by legacy solutions.”
 
“The SaaS ecosystem today is rife with bloated solutions,” says Sameer Gandhi, a partner at Accel Partners. “Meanwhile, Freshworks has built the only customer engagement platform on the market that intuitively meets the needs of businesses of all sizes. We’re confident that Freshworks’ model is the way forward for SaaS and our continued investment in the company is proof of that.”
 
“Sequoia first backed Freshworks in 2016 and didn’t hesitate for a moment to double down on the investment,” says Mohit Bhatnagar, managing director of Sequoia Capital India Advisors. “Girish and his team have worked relentlessly to build Freshworks into a leading SaaS company from India – one that is truly global with customers across 156 countries. The investment reinforces the Sequoia principle of being a long-term business partner to founders and supporting them at every stage of their company’s growth.”
 
“Freshworks has been riding an incredible wave of growth,” says Seshadri. “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.”
 
Since its last funding round, Freshworks has made several technological acquisitions to bolster its product offerings. Several of these technologies were featured in its recently announced cloud bundle, Freshworks 360, that brings together sales, marketing, and support applications to provide users with a full, easy-to-use customer engagement experience.
 

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