Great day for cloud ERP: FinancialForce.com raises $110 million in funding
Today marks another huge milestone for FinancialForce.com and cloud ERP! With last year being an exciting year for us, 2015 shows no signs of taking a back seat. With that, I am thrilled to announce that we’ve raised another round of funding in the amount of $110 million, led by Technology Crossover Ventures (TCV), a leading provider of capital to growth-stage companies in the technology industry. Salesforce Ventures, Salesforce’s global corporate investment group and existing investor in FinancialForce.com, also participated in the round.
This funding will allow us to continue to fuel innovation and growth, expanding all facets of our business including R&D, sales, marketing, alliances and customer support. As our growth indicates, companies are responding to our customer-centric approach of cloud ERP built natively on the Salesforce Customer Success Platform. In fact, our goal is to transform the ERP market just as Salesforce has transformed CRM. With the help of this new funding, we will continue to grow at a rapid rate and become the cloud ERP choice for all forward-thinking companies.
I am also pleased to announce the addition of Tim McAdam, General Partner at TCV, to our board. A veteran of the venture capital industry since 1991, Tim has a strong track record in scaling cloud software businesses. Since joining TCV in 2010, he’s primarily focused on investments in software, security, tech-enabled services and Internet industries. “FinancialForce.com exemplifies the type of market-defining cloud software innovator that is central to our investment strategy.”
While this is a great milestone for FinancialForce.com, it is also a great indicator of the shift toward cloud ERP. Companies are moving ERP to the cloud en masse, just as they did with CRM several years ago. Companies are realizing that cloud ERP apps deliver superior ways to engage customers and employees. We have the products, the team and the funding in place to capitalize on this next phase of ERP.
Get more details on the big news here.