Total amount raised
$4.3 Millions
Latest funding date
4/1/2023
Location
Consensus has successfully raised significant funding through multiple rounds, attracting a diverse group of investors including Sumeru Equity Partners and Frazier Group. The platform leverages AI to automate custom product demos, accelerating sales and enhancing user engagement.
Keep reading to explore the intricacies of Consensus's fundraising journey and the investors backing this innovative platform.
What Is Consensus?
Consensus, founded in March 2013, is an intelligent demo automation platform based in Lehi, Utah. The company was established by Garin Hess, Matt Behrend, and Scott Rafferty.
Specializing in automating custom product demos, Consensus aims to accelerate sales by personalizing videos and documents for each prospect. This approach ensures that potential customers receive the most relevant information tailored to their needs.
With a team of 101-250 employees, Consensus continues to innovate in the sales automation space, leveraging AI to enhance user engagement and streamline the sales process.
How Much Funding Has Consensus Raised?
- Seed Round
- Amount Raised: $2.8M
- Date: April 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and validate market fit.
- Convertible Note
- Amount Raised: $100K
- Date: October 2014
- Lead Investors: Seed Equity Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure early-stage funding for operational costs.
- Series A
- Amount Raised: $4.2M
- Date: April 2016
- Lead Investors: Album VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale the product.
- Venture Round
- Amount Raised: $1.6M
- Date: September 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and increase market penetration.
- Venture Round
- Amount Raised: $5.2M
- Date: December 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and further product development.
- Series B
- Amount Raised: $15M
- Date: January 2022
- Lead Investors: Frazier Group, Riverside Acceleration Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate market expansion and enhance AI capabilities.
- Private Equity Round
- Amount Raised: $110M
- Date: March 2023
- Lead Investors: Sumeru Equity Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale enterprise presales and achieve category leadership.
Total Amount Raised: $138.9M. Current Valuation: Not publicly disclosed.
Key Investors
- Sumeru Equity Partners
- Details: Sumeru Equity Partners is a private equity firm that provides growth capital and scaling partnerships to leading enterprise software companies. They focus on sectors such as SaaS, data analytics, and cybersecurity.
- Investment Focus Areas: Enterprise and vertical SaaS applications, data analytics, education technology, infrastructure software, cybersecurity.
- Notable Investments: JobNimbus, other investments not publicly disclosed.
- Frazier Group
- Details: Frazier Group is a venture capital firm that invests in high-growth companies across various sectors. They have a strong track record of supporting innovative startups.
- Investment Focus Areas: Healthcare, technology, consumer products.
- Notable Investments: Not publicly disclosed.
- Riverside Acceleration Capital
- Details: Riverside Acceleration Capital is a growth equity firm that partners with software and technology companies to accelerate their growth. They provide both capital and strategic support.
- Investment Focus Areas: Software, technology, SaaS.
- Notable Investments: Not publicly disclosed.
- Album VC
- Details: Album VC is a venture capital firm that invests in early-stage technology companies. They focus on helping startups scale and achieve market leadership.
- Investment Focus Areas: Technology, SaaS, consumer internet.
- Notable Investments: Not publicly disclosed.
- Seed Equity Ventures
- Details: Seed Equity Ventures is a venture capital firm that provides early-stage funding to innovative startups. They focus on companies with high growth potential.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Not publicly disclosed.
What's Next for Consensus?
Consensus stands at the cusp of a significant opportunity, driven by the increasing shift towards digital-first, sales-supported approaches in B2B sales. With the $110 million investment from Sumeru Equity Partners, the company is well-positioned to scale its presales teams with interactive video demos and expand its market adoption. The platform's ability to automate repetitive product demos and engage hidden stakeholders offers a substantial growth potential, especially as Gartner predicts that 80% of B2B sales interactions will be digital by 2025.
Future fundraising opportunities appear promising, with the potential for additional rounds to further scale and innovate the platform. However, Consensus may face challenges such as navigating economic uncertainties and maintaining high growth rates amidst competition from other demo automation platforms. Ensuring continuous innovation and staying ahead of market demands will be crucial for sustaining its leadership in the rapidly evolving tech landscape.
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