FinancialForce.com, a cloud ERP provider on the Salesforce1 Platform, has announced that it has raised $110 million in funding led by Technology Crossover Ventures (TCV) with participation from existing investor Salesforce Ventures.
The company intends to use the funds for product development, sales, marketing, alliances and customer support. In April 2014, it received $50 million from Advent International. Previously, the firm had secured $14.5 million series B round in 2012, $11.8 million series B round in 2010 and an undisclosed amount in series A funding in October 2009. The firm had also acquired two companies till date including Less Software and Vana Workforce.
The company recently reported a 91% annual subscription run rate growth and a $50 million revenue run rate. It also increased its global headcount by more than 80 percent, from 250 employees at the end of 2013 to more than 450 at the end of 2014.
Founded in 2009, FinancialForce ERP equips customer-centric businesses with a unified platform that delivers ERP and CRM on a single cloud. Its Financial Management, Human Capital Management (HCM), Professional Services Automation (PSA), and Supply Chain Management (SCM) apps allow businesses to increase the speed at which they operate. San Francisco-based company is backed by Salesforce, Technology Crossover Ventures, Advent International and UNIT4.
With nearly $10 billion in capital raised, Technology Crossover Ventures has invested in more than 200 technology companies including Expedia, Facebook, GoDaddy, Netflix, VICE Media, Zillow and More. Salesforce has invested in more than 100 enterprise cloud startups since 2009.