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Freshworks secures R1.3bn in funding

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 02 Aug 2018
Freshworks' total investments have now totalled R3.35 billion.
Freshworks' total investments have now totalled R3.35 billion.

Freshworks, a software-as-a-service (SaaS) solutions provider, has raised $100 million (R1.34 billion) in its latest funding round.

In a statement, the company says this latest round of funding, co-led by Accel and Sequoia Capital, brings its total amount of capital raised to $250 million (R3.35 billion).

The cash infusion will be used to further expand Freshworks' worldwide expansion as well as continued investment in its integrated SaaS platform, notes the California- headquartered company.

In addition to raising $100 million Freshworks has also hired Suresh Seshadri, former AppDynamics VP of finance and treasury, as its CFO.

Girish Mathrubootham, Freshworks co-founder and CEO, says: "When we started Freshworks in 2010, we were a single-product company with a goal of offering better, easier-to-use customer service software than what was in the market. We've since scaled our company to $100m in annual recurring revenue and built a full SaaS platform where all of our products - such as 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 toward a path of free cash flow break-even and our latest - and likely last - private funding round in place, we believe we have a unique opportunity to attract customers from around the globe who have been let down by legacy solutions."

"The business software landscape today is teeming with bloated, inflexible and expensive solutions," adds Sameer Gandhi, a partner at Accel. "Freshworks has built the only customer engagement platform on the market that elegantly meets the needs of a business of any size with software that is modern, intuitive and affordable. We're confident that the Freshworks approach is the way forward for businesses seeking a better approach."

Mohit Bhatnagar MD of Sequoia Capital India Advisors notes, "Sequoia first backed Freshworks in 2016 and didn't hesitate for a moment to double down on the investment."

"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 126 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."

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