How Much Did IFTTT Raise? Funding & Key Investors

IFTTT has successfully raised funding over four rounds, with the latest being a Series C round involving notable investors like Salesforce Ventures. The platform specializes in creating automated workflows between apps and devices, enhancing productivity and smart home automation.

Keep reading to explore the intricacies of IFTTT's fundraising journey and the investors backing this innovative platform.

What Is IFTTT?

IFTTT, an information technology firm based in San Francisco, California, specializes in AI content creation, cross-posting automations, and lead conversion services. The company operates with a team of 11-50 employees.

Founded to streamline workflows, IFTTT allows users to create automations between various apps and devices without needing to code. The platform supports over 1000 apps and devices, making it a versatile tool for both personal and professional use.

How Much Funding Has IFTTT Raised?

1. Seed Round
   • Amount Raised: USD 1,500,000
   • Date: January 2012
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To develop the initial platform and attract early users.
2. Series A
   • Amount Raised: USD 7,000,000
   • Date: December 2012
   • Lead Investors: Andreessen Horowitz
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand the platform's capabilities and increase user engagement.
3. Series B
   • Amount Raised: USD 30,000,000
   • Date: August 2014
   • Lead Investors: Norwest
   • Valuation at Round: Approximately USD 210,000,000
   • Motivation Behind the Round: To scale the platform and integrate with more apps and devices.
4. Series C
   • Amount Raised: USD 24,000,000
   • Date: April 2018
   • Lead Investors: Salesforce Ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand into the automotive, retail, and hospitality sectors and enhance integration with AI assistants.

Total amount raised: USD 62,500,000. Current valuation: Not publicly disclosed.

Key Investors

• Salesforce Ventures
  • Details: Salesforce Ventures is the investment arm of Salesforce, focusing on innovative enterprise cloud companies. They led the $24 million Series C funding round for IFTTT.
  • Investment Focus Areas: Cloud computing, enterprise software, AI, customer success.
  • Notable Investments: MuleSoft, Workato, IFTTT.
• Norwest
  • Details: Norwest is a global venture capital and growth equity investment firm. They participated in IFTTT's Series B funding round.
  • Investment Focus Areas: Technology, healthcare, business services.
  • Notable Investments: Not publicly disclosed.
• Andreessen Horowitz
  • Details: Andreessen Horowitz is a private venture capital firm based in Silicon Valley. They led the Series A funding round for IFTTT.
  • Investment Focus Areas: Technology, software, consumer internet.
  • Notable Investments: Not publicly disclosed.
• IBM Ventures
  • Details: IBM Ventures is the venture capital arm of IBM, focusing on strategic investments in technology startups. They participated in IFTTT's Series C funding round.
  • Investment Focus Areas: AI, cloud computing, IoT, blockchain.
  • Notable Investments: Not publicly disclosed.
• Chamberlain Group
  • Details: Chamberlain Group is a global leader in access solutions and products. They participated in IFTTT's Series C funding round.
  • Investment Focus Areas: Smart home, security, access solutions.
  • Notable Investments: Not publicly disclosed.

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. With over 5,000 developers creating custom applets, the platform's potential for unique and innovative integrations is vast.

Future fundraising opportunities appear promising, given the recent $24 million Series C round led by Salesforce Ventures. The involvement of strategic investors like IBM Ventures and Chamberlain Group suggests that additional investment rounds could be on the horizon, further fueling IFTTT's expansion.

However, challenges remain. The competitive landscape, with major tech companies developing their interconnected platforms, poses a significant threat. Additionally, the rapid pace of technological advancements in AI and IoT requires IFTTT to continuously innovate and ensure seamless integration across a wide range of devices and applications.

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