Total amount raised
$107 Millions
Latest funding date
5/1/2019
Location
Drift has successfully raised significant funding across multiple rounds, attracting a diverse group of investors. The platform specializes in conversational marketing and sales, now integrated into Salesloft's suite of tools.
Keep reading to explore the intricacies of Drift's fundraising journey and the investors backing this innovative platform.
What Is Drift?
Drift, founded in 2015 by David Cancel and Elias Torres, is headquartered in Boston, Massachusetts. The company specializes in developing a conversational marketing and sales platform that connects businesses with website visitors in real-time using bots and artificial intelligence.
Drift's platform enables clients to generate qualified leads, accelerate the sales cycle, and offer a modern buying experience for potential customers. The company has grown significantly, employing between 501 and 1000 people.
Recently, Drift was acquired by Salesloft, integrating its innovative solutions into Salesloft's suite of tools to enhance market-facing team performance.
How Much Funding Has Drift Raised?
- Series A
- Amount Raised: $15M
- Date: January 2015
- Lead Investors: CRV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch the initial version of their conversational marketing platform.
- Series B
- Amount Raised: $32M
- Date: September 2017
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and expand the customer base.
- Series B
- Amount Raised: Not publicly disclosed
- Date: May 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance product features and capabilities.
- Series C
- Amount Raised: $60M
- 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
- Amount Raised: Not publicly disclosed
- 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: $107M. Current Valuation: Not publicly disclosed.
Key Investors
- Sequoia Capital
- Details: Sequoia Capital is a leading venture capital firm that invests 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, WhatsApp.
- CRV (Charles River Ventures)
- Details: CRV is a venture capital firm that focuses on early-stage investments. They have been involved in the tech industry for 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 invests in early-stage and growth-stage companies. They aim to support transformative businesses.
- Investment Focus Areas: Technology, healthcare, consumer, financial services.
- Notable Investments: Airbnb, Stripe, Snap.
What's Next for Drift?
Drift's future looks promising with significant opportunities on the horizon. The company plans to expand its operations in Boston and San Francisco, enhancing its platform to better connect businesses with leads in real-time. With over 100,000 businesses already using Drift's platform, the potential for growth is substantial. The recent $60 million Series C funding, led by Sequoia Capital, underscores the market's confidence in Drift's vision.
Future fundraising opportunities seem likely, given the strong backing from investors like CRV and General Catalyst. Drift's ambitions to integrate voice and video technology and compete with giants like Salesforce and Amazon for business-to-business transactions could attract further investment. However, challenges such as maintaining the quality of real-time interactions and integrating new technologies will require careful navigation. As Drift continues to innovate, the company is well-positioned to capitalize on the growing demand for conversational marketing solutions.
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