As we wrote last week in How Salesforce paved the way for the SaaS platform approach, the ability to build extensions, applications and even whole companies on top of the Salesforce platform set the stage and the bar for every SaaS company since. Vlocity certainly recognized that. Targeting five verticals, it built industry-specific CRM solutions on the Salesforce platform, and today announced a $60 million Series C round on a fat unicorn $1 billion valuation.
The round was led by Sutter Hill Ventures and Salesforce Ventures. New investors Bessemer Venture Partners and existing strategic investors Accenture and New York Life also participated. The company has now raised $163 million.
Company co-founder and CEO David Schmaier, whose extensive career includes stints with Siebel Systems and Oracle, says he and his co-founders (three of whom helped launch Veeva) wanted to take the idea of Veeva, which is a life sciences-focused company built on top of Salesforce, and extend that idea across five verticals instead of just one. Those five verticals include communications and media, insurance and financial services, health, energy and utilities and government and nonprofits.
The idea he said was to build a company with a market that was 10x the size of life sciences. “What we’re doing now is building five Veevas at once. If you could buy a product already tailored to the needs of your industry, why wouldn’t you do that?,” Schmaier said.
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