Klue Secures C $ 79 Million From Tiger Global, Salesforce Ventures
Vancouver-based software company Klue has secured C $ 79.2 million (US $ 62 million) in Series B funding to fuel the expansion of its competitive intelligence platform.
The startup’s latest funding round was led by Tiger Global and saw participation from Salesforce Ventures. Klue’s Series B cycle brings the company’s total funding to date to approximately C $ 103.5 million (US $ 81 million).
Klue uses artificial intelligence (AI) to help product marketers collect, organize, and deliver information about competitors. The goal is to enable revenue teams to use this information to earn more business for their businesses.
Since raising C $ 19.7 million last fall, Klue has tripled its customer base.
Since raising C $ 19.7 million in serial capital last fall, Klue has seen its customer base triple. The startup aims to use its new funding to capitalize on this growth, accelerate its product development and machine learning plans, and fuel its expansion into new verticals.
“When you don’t understand your competitive landscape, you can’t beat it,” said Jason Smith, CEO and co-founder of Klue. “Klue is building the registration system for the competition. We want to give every department in every company a relevant, contextual and continuously updated perspective on their competition and their market.”
Klue started out by focusing on sales activation and working with product marketers to gain insight into the competition. Now Smith has said the startup’s goal is to bring its offering to the product and strategy teams.
Today, Klue serves more than 100,000 users and more than 300 corporate customers, including SAP, Shopify, Cisco, 3M and Dell EMC. The startup is ranked among the best competitive intelligence software vendors on the market.
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The startup’s creators, Smith and CTO Sarathy Naicker, drew on past experience at Alida, Electronic Arts and Sophos to create Klue. Smith previously served as president of Alida (then Vision Critical) for seven years. When Alida began, Smith helped grow the company, known for its customer analytics products, to over 500 employees, $ 50 million in revenue, and over 500 corporate clients.
Smith and Naicker started working on Klue in 2015, and the startup stealthily launched in 2017 with $ 4 million in venture capital.
Over the years, Klue has built an investor group that includes Hootsuite’s Ryan Holmes, Okta Co-Founder Frederic Kerrest, Shopify Vice President of Products Daniel Debow, OMERS Ventures, Rhino Ventures, BDC Capital and Craft Ventures.
As companies look for ways to differentiate themselves from the competition and turn to data to do so, the past few years have proven to be a boon for Klue, who tripled their revenue every year during the period. three years from 2017 to 2020.
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With these numbers, Klue was named this year to Deloitte’s Technology Fast 50 list, ranking 12th after experiencing three-year revenue growth of 2,418% between 2017 and 2020. The other companies on the list Deloitte’s roster alongside Klue included Snapcommerce, Maple, ApplyBoard and others. British Columbia software company Thinkific.
Klue also recently won the “Tech Culture of the Year” award at the recent Technology Impact Awards hosted by BC Tech.
In addition to Klue, Tiger Global has supported a number of Canadian tech startups over the past few months, including Toronto-based FinTech startups Float and Wrapbook, Toronto-based catering software company ResQ, and sales software startup. Dooly based in Vancouver.
“Klue is at the forefront of change in the way business leaders approach strategy development as the demand for competitive intelligence explodes,” said John Curtius, Partner at Tiger Global, adding that most of the existing tools and treatment options do not meet immediate needs. enterprises. Curtius called Klue a business that “disrupts the status quo.”
Feature image courtesy of Klue