VentureBeat: Vlocity Raises $60 Million for Cloud-based Apps Built on Top of Salesforce

Vlocity Raises $60 Million for Cloud-based Apps

Summary of article by Kyle Wiggers for VentureBeat

Vlocity, which develops cloud solutions built on Salesforce’s customer relationship platform (CRM), today announced that it has raised $60 million in a series C round co-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 brings the San Francisco-based company’s total raised to $163 million, following a mammoth $42.8 million series A in April 2015 and $50 million series B in September 2016. CEO David Schmaier said the funds will be used to “accelerate” and “deepen” product development in Vlocity’s suite of apps available through Salesforce’s AppExchange.

“I am delighted by the incredible success that our customers are realizing in digital transformations when adopting our modern industry cloud and mobile applications,” Schmaier said. “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.”

Vlocity was founded in 2014 by Schmaier, Craig Ramsey, James Ramsey, Mark Armenante, and Young Sohn, who’ve between them held roles at Oracle, Siebel Systems, NetSuite, and Salesforce Vertical on Demand spinout company Veeva Systems. Rather than take a broad-based approach to the soon-to-be $29.7 billion worldwide CRM market, the startup has wisely chosen to target a handful of lucrative verticals, like communications and media, insurance and financial services, health, energy and utilities, and government and nonprofit — a go-to-market strategy that has netted customers like MetLife, Telefort, WellCare, British Gas, Cox Automotive, Rogers, T-Mobile, Sky, Telus, Farmers Insurance, Telia, Cigna, Allstate, Liberty Mutual, and Claro, among dozens of others.

I am delighted by the incredible success that our customers are realizing in digital transformations when adopting our modern industry cloud and mobile applications. 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.

– David Schmaier, Founder & CEO, Vlocity

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