Total amount raised
$107 Million
Latest funding date
5/1/2019
Location
Drift has successfully raised funding over four rounds, with the latest being a Secondary Market round. The company has also made three acquisitions, including Giant Otter Technologies.
Keep reading to explore the intricacies of Drift's fundraising journey and the investors backing this innovative platform.
What Is Drift?
Drift is a private company headquartered in Boston, Massachusetts, specializing in conversational marketing and sales platforms. The company leverages artificial intelligence and chatbots to enhance marketing and sales processes.
Drift employs between 501 and 1000 people and has been acquired by Salesloft. The company operates in industries such as AI, chatbot technology, enterprise software, marketing, and SaaS.
How Much Funding Has Drift Raised?
- Series A
- Amount Raised: USD 15,000,000
- Date: January 2015
- Lead Investors: CRV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their conversational marketing platform.
- Series B
- Amount Raised: USD 32,000,000
- Date: September 2017
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series C
- Amount Raised: USD 60,000,000
- Date: April 2018
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations in Boston and San Francisco and make acquisitions in voice and video technology.
- Secondary Market
- Date: May 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
Total Amount Raised: USD 107,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Sequoia Capital
- Details: Sequoia Capital is a leading venture capital firm known for investing in early and growth-stage companies. They have a strong track record of backing successful startups.
- Investment Focus Areas: Technology, healthcare, consumer, financial services.
- Notable Investments: Apple, Google, Oracle.
- CRV (Charles River Ventures)
- Details: CRV is a venture capital firm that invests in early-stage technology companies. They have been involved in the tech industry for several decades.
- Investment Focus Areas: Technology, enterprise software, consumer services.
- Notable Investments: Twitter, Zendesk, HubSpot.
- General Catalyst
- Details: General Catalyst is a venture capital firm that provides early-stage and growth equity investments. They focus on partnering with entrepreneurs to build innovative companies.
- Investment Focus Areas: Technology, healthcare, consumer, financial services.
- Notable Investments: Airbnb, Stripe, Snap.
- Employee Stock Option Fund
- Details: The Employee Stock Option Fund provides liquidity to employees of private companies by purchasing their stock options. They aim to help employees realize the value of their equity.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
What's Next for Drift?
Drift's future is brimming with opportunities, particularly in expanding its operations in Boston and San Francisco. With a robust platform already used by over 100,000 businesses, the potential for growth is substantial. The company aims to delve into voice and video technology, positioning itself as a comprehensive solution for business communications.
Given the significant backing from investors like Sequoia Capital, future fundraising rounds seem likely. This financial support will be crucial as Drift scales its operations and explores new markets. However, the company will need to navigate challenges such as intense competition and the complexities of rapid expansion.
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