Insightly, provider of software that consistently ranks as the No. 1 cloud CRM application on the Google Apps Marketplace, has raised $10 million in a series B investment. The company plans to use the funds to make new hires and will expand to a larger office space in San Francisco to support its growing workforce.
Anthony Smith, CEO of Insightly, said, "This round of funding allows us to maximize the consistent momentum we’ve seen by adding new employees to meet the growing demand for our products. As we leverage the industry experience of our board members and add new talent, we’ll continue to enhance our product features and users’ experiences, and to maintain our high customer satisfaction rates."
The company will also use the cash to fund partnerships and integrations with other software-as-a-service (SaaS) application companies and resellers, and to continue enhancing its cloud-based CRM and project management software. More than 184,000 small businesses from more than 100 countries use the app, which is optimized for Web access and mobile devices. Insightly’s product also integrates with Gmail and Outlook 2013.
Emergence Capital Partners, Sozo Ventures and TrueBridge Capital Partners are participants in the B round, led by Matt Holleran, founder and managing director of Cloud Apps Management. Holleran will serve on Insightly's board of directors.
"Insightly’s user base has almost tripled in the past year, and this funding will help the company accelerate its growth to meet rising demand from small businesses around the world," Holleran said.
Other board members include Gordon Ritter, the founder and general partner of Emergence Capital Partners who previously led Emergence’s investment in Salesforce.com and Veeva Systems, and Gregg Brockway, founder of Hotwire, Tripit and Chairish.
The recent funding follows a $3 million 2012 series A round led by Emergence Capital Partners.