Estonia based software startup Pipedrive has raised 50 million dollars for its suit of customer relationship management / CRM and sales software. This round was led by Insight venture partners and Bessemer venture partners which brings the total amount raised by Pipedrive to 80 million dollars.
The last round that Pipedrive closed in the year 2016 was done at a $188 million valuation of the company and this round pushes the valuation of company to around $300 million +. According to Gartner the total CRM market is about 40 billion dollars and there are multiple companies focusing on different niches and customer segments. The two major players in the CRM market are Salesforce and Microsoft.
According to Pipedrive's CEO, because of the simplicity of their product there are lot of customers who are shifting from Salesforce to Pipedrive. Another important differentiator of the product is that the system is integrated with all the apps that companies already use such as Google apps, Trello, Zapier etc and it automatically updates the information without the sales people having to do it manually.
The CEO of Pipedrive is a former sales person and the product that they have built is for the salespeople and by the salespeople. The company has 75000 customers and has witnessed triple digit growth every year since its launch in 2010.