Back in 2010 Pipedrive seemed like a small sales tool, but those days are far away. With 77 employees split between Estonia and the U.S. the company announces now it’s burned through some equity to bring in a €8 million series A led by Bessemer Venture Partners with participation from Paua Ventures and existing investors, Rembrandt Venture Partners and AngelPad (who incubated Pipedrive in 2012).
This is the third round of funding for Pipedrive we’ve written about – previous to this round the company raised $4.4 million while staying in the seed stage.
For those of you catching up, Estonian-founded Pipedrive gives salespeople Customer Resource Management software to input their leads and track them. Like other CRM tools Pipedrive allows you to move cards along collumns as you track potential customers from leads to offers into closed sales. By doing so, you’re less likely to accidentally drop a potential sale, and keep a better eye on your sales process.
The big news this past April was thatPipedrive changed management with Steve Oriola taking Pipedrive’s helm after a career at Constant Contact. Cofounder and ex-CEO Timo Rein described it as a positive match saying, “It’s interesting because we weren’t really looking for a new CEO. And I wasn’t looking to fire myself from the CEO position any time soon.”
The messaging alongside the money they’ve picked up is the growth they’re seeing with their customer base. Today 10,000 small businesses use the product, and with the funding it looks like they will be hiring more to market and develop the software.
While this €9 million funding round should get Pipedrive and the #Estonianmafia excited, we’re curious to see how they expand globally. As users of Pipedrive we have to agree there’s room in the market for a CRM tool for small business who don’t need a heavy and expensive tool like Salesforce.