Total amount raised
$62.5 Millions
Latest funding date
Location
IFTTT has successfully raised funds through multiple rounds, with its latest being a Series C round. The platform offers automation solutions for both business and home environments, supporting over 900 services.
Keep reading to explore the intricacies of IFTTT's fundraising journey and the investors backing this innovative platform.
What Is IFTTT?
IFTTT, founded on December 14, 2010, is headquartered in San Francisco, California. The company was established by Alexander Tibbets and Linden Tibbets. It operates in the fields of apps, business process automation, information services, and marketing automation.
With a team of 11-50 employees, IFTTT offers a no-code interface that integrates with over 900 services, enabling users to create powerful automations. The platform is designed to save time and increase productivity by automating workflows for both personal and business use.
How Much Funding Has IFTTT Raised?
- Seed Round
- Amount Raised: $1.5M
- Date: January 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their automation platform and attract early adopters.
- Series A
- Amount Raised: $7M
- Date: December 2012
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and integrate more services.
- Series B
- Amount Raised: $30M
- Date: August 2014
- Lead Investors: Norwest Venture Partners
- Valuation at Round: $210M
- Motivation Behind the Round: To scale operations and enhance the user experience.
- Series C
- Amount Raised: $24M
- Date: April 2018
- Lead Investors: Salesforce Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new sectors like automotive, retail, and hospitality.
Total Amount Raised: $62.5M. Current Valuation: Not publicly disclosed.
Key Investors
- Salesforce Ventures
- Details: Salesforce Ventures is the global investment arm of Salesforce, a leading cloud-based software company. They invest in the next generation of enterprise technology to help companies connect with their customers in new ways.
- Investment Focus Areas: Enterprise Software, Cloud Computing, Artificial Intelligence
- Notable Investments: Zoom, DocuSign, Snowflake
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global, multi-stage venture and growth equity investment firm. They partner with exceptional management teams to build market-leading companies.
- Investment Focus Areas: Healthcare, Technology, Financial Services
- Notable Investments: Uber, Spotify, BlueJeans
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a private venture capital firm based in Silicon Valley. They back bold entrepreneurs who move fast, think big, and are committed to building the next major franchises in technology.
- Investment Focus Areas: Consumer Internet, Enterprise Software, Fintech
- Notable Investments: Facebook, Airbnb, Lyft
- IBM Ventures
- Details: IBM Ventures is the venture capital arm of IBM, a multinational technology and consulting company. IBM Ventures invests in early-stage and growth-stage companies that align with IBM’s strategic interests.
- Investment Focus Areas: Artificial Intelligence, Cloud Computing, Cybersecurity
- Notable Investments: Lightbend, Fenergo, Modernizing Medicine
- Chamberlain Group
- Details: Chamberlain Group is a global leader in access solutions and products, including garage door openers, commercial door operators, and gate entry systems. The company focuses on providing smart access solutions for homes and businesses.
- Investment Focus Areas: Smart Home Technology, IoT, Access Solutions
- Notable Investments: myQ, LiftMaster, Grifco
What's Next for IFTTT?
IFTTT is poised to capitalize on significant opportunities in the automotive, retail, and hospitality sectors. The integration with AI assistants like Cortana, Google Assistant, and Alexa, along with IBM’s Watson IoT Platform, positions IFTTT to become a key player in the growing IoT landscape. This expansion could attract further investment, especially from strategic partners looking to enhance their automation capabilities.
However, the company faces challenges such as competition from major tech firms and the need to maintain seamless integration across diverse devices and applications. Ensuring user engagement and developer interest will be crucial as IFTTT navigates these hurdles. The potential for future fundraising remains strong, driven by the platform's expanding capabilities and market reach.
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