Emergence is thrilled to announce our new Operating Partner Viviana Faga. Viviana joins Emergence with a mission to share her secrets of hypergrowth with our portfolio companies based on her executive experiences at Yammer, Platfora and Zenefits. In addition to bolstering the team, we also led a $9.3MM Series A in enterprise AI startup Guru. Guru is a knowledge management solution for customer facing teams and you can read Gordon’s backstory on why we are so excited to partner with Guru.
September was a quiet month for the public SaaS markets. Identity and mobility management cloud service Okta had a stellar Q2 with the stock trading up 12%. Okta’s performance is great for the enterprise IPO market and even better for insiders who are now passed the lockup. Industry cloud company Guidewire also had a strong beat above consensus estimates and the stock jumped 10%. Lastly, marketing automation application Hubspot pre-announced a strong Q3 beat at their analyst day and the stock shot up 11%.
Unlike the public markets, private enterprise companies were busy fundraising! Team collaboration software company Slack raised $250MM at a reported post-money valuation of around $5.1B. We also noted a clear trend of growth stage capital riding the big data analytics trend: mParticle (customer data ingestion/ETL) raised $35MM, Vexata (infrastructure) raised $54MM, Snowflake (database) secured $100MM and Databricks (data science) raised $140MM. See below for the full list of M&A and VC financings.
Finally, we have to give a shout out to Allbirds, which raised $17.5MM in venture capital financing. No, Allbirds has not converted to a SaaS model. We just thought it was appropriately meta that VCs are funding merino wool shoes worn by other VCs. Who says VCs just follow the herd?
To hear more Emergence news, announcements and commentary, be sure to check out our monthly enterprise recap on our podcast here:
Emergence News & Thoughts
- Welcome Viviana Faga, our newest operating partner!
- Emergence invests $9.3MM in Guru’s Series A. Read the backstory here.
- Top enterprise seed investors share their insights into what they look for in seed stage financing opportunities. Thank you to 500 Startups, SaaStr, SoftTech, Susa Ventures and Webb Investment Network for sharing!
- Partner Joe Floyd shares tips on how to write the ideal investor email update.
- Principal Jake Saper shares his insights into how to price enterprise software.
- Eric Yuan, Founder and CEO, Zoom
Partner Santi Subotovsky sits down with Zoom’s Eric Yuan to talk about his company’s early beginnings and the importance of company culture and happiness. Watch the video below, or listen to the podcast.
- Jett McCandless, Founder and CEO, project44
Partner Joe Floyd talks to Jett McCandless about his journey as an entrepreneur and how he founded project44, bringing digitization to the trucking and logistics industry. Watch the video below, or listen to the podcast.
- Portfolio Executive Opportunities:
Gusto is hiring a Head of Marketing Insights and Operations. It’s a unique role that requires both strategic thinking and quantitative abilities. The ideal candidate has 8–10 years of experience in management consulting and/or tech marketing. Click here for the job description and application.
Mya is hiring a Head of Product. Mya is an AI recruiter that sources, screens and onboards talent for large enterprises. The ideal candidate has 5+ years of technical product management experience and wants to join a bleeding edge AI startup. Click here for the job description and application.
Enterprise Financings & Exits
- Itron announced the acquisition of smart grid software provider Silver Spring Networks for $830 million.
- SAP announced the acquisition of identity management application Gigya for $350 million.
- Slack, a San Francisco-based provider of team communication and collaboration software, has raised $250 million in new Series G funding.
- Snowflake Computing, a San Mateo, Calif.-based cloud data warehousing software company, raised funding of an undisclosed amount from Capital One Growth Ventures, bringing its previously announced Series D round to a total of $105 million.
- CallRail, an Atlanta-based call analytics platform, raised $75 million in funding.
- MapR, a San Jose, Calif.-based big data startup, raised $56 million in funding.
- Apttus, a San Mateo, Calif.-based quote-to-cash software solutions provider, raised $55 million in Series E funding.
- Vexata, a San Jose, Calif.-based provider of data infrastructure solutions, raised $54 million.
- ProsperWorks, a provider of Google-centric CRM tools, has raised $53 million in Series C funding.
- Kyriba, a San Diego, Calif.-based cloud treasury and financial management platform, raised $45 million in funding.
- Threat Stack, a Boston-based network intrusion detection platform, has raised $45 million in Series C funding.
- Nasuni, a Natick, Mass.-based provider of enterprise file services, has raised $38 million in new funding.
- mParticle, a New York City-based customer data platform, raised $35 million in Series C funding.
- Drift, a Boston-based “conversation-driven marketing and sales platform,” has raised $32 million in Series B funding.
- Securonix, a Los Angeles-based provider of big data security analytics, raised $29 million in Series A funding.
- Sixgill, a Santa Monica, Calif.-based provider of sensor data services for governing IoE, has raised $27.9 million in new VC funding.
- Swrve, an Ireland-based provider of mobile marketing automation solutions, has raised $25 million in Series D funding.
- Truveris, a provider of cloud-based data analytics for the prescription benefits markets, has raised $25 million in Series D.
- Heptio, a Seattle-based startup that helps companies Kubernetes open-source container management software, raised $25 million in Series B funding.
- ZipWhip, a Seattle-based service whereby businesses can send and receive text messages via landlines, has raised $22.5 million in Series C funding.
- BuildingConnected, a San Francisco-based preconstruction platform, has raised $22 million in Series B funding
- Aria Systems, a San Francisco-based startup that helps companies grow subscription and usage-based revenue, has raised $18 million.
- Weave Communications, a Lehi, Utah-based unified patient communication technology platform, has raised $17 million.
- TalkIQ, a San Francisco-based provider of voice‐to‐text transcription and analytical solutions for sales teams, has raised $14 million in Series A funding.
- Legion Technologies, a developer of an intelligent workforce engagement platform, raised $10.5 million in Series A funding.
- Guru, a Philadelphia-based provider of “team knowledge software,” has raised $9.3 million in Series A funding.
- Accelo, a San Francisco-based provider of service operations automation solutions, raised $9 million in Series A funding.
- ClearMetal, a San Francisco-based provider of AI software for supply chains, has raised $9 million in Series A funding
- Pymetrics, a New York-based platform for predictive job-matching, has raised $8 million in new Series A funding.
- Jopwell, a New York-based recruitment platform focused on diversity, has raised $7.5 million in Series A funding.
- Panoply, a San Francisco-based smart data warehousing startup, has raised $5 million in new Series A funding.
- Augment, a San Francisco-based AI platform that assists customer service agents, has raised $5 million in VC funding.
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