​FinancialForce raises $110 million in funding

The cloud ERP player is now hitting an annual revenue run rate of about $50 million and plans to spend the dough on product development, sales and various corporate functions.

FinancialForce, a cloud enterprise resource planning company that runs on Salesforce's platform, said it has raised $110 million in venture funding.

The funding round, led by Technology Crossover Ventures, adds to the $50 million raised almost a year ago. Salesforce Ventures also participated in the latest venture round.

For FinancialForce, the latest funding round may indicate that the company is eyeing an initial public offering at some point. For now, FinancialForce is growing at a 91 percent annual clip with a revenue run rate of $50 million and 450 employees.

FinancialForce ERP offers financials, services automation, supply chain management and human capital management. The company competes with NetSuite and a bevy of others.

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The company said that it will use the funds for product development, sales, marketing and support. Technology Crossover Ventures general partner Tim McAdam will joint the company's board.

John Bonney, chief financial officer of FinancialForce, said the company's plan for the money is "pretty well balanced," but will focus on go-to-market plans and product development. "We're doubling down in a lot of areas," said Bonney. "We're always looking for A+ talent."

As for the go-to-market strategy, FinancialForce uses Salesforce's AppExchange as way to reach smaller customers and traditional channels such as integrators for mid-market enterprises. Like many cloud ERP players, FinancialForce is used for divisions and subsidiaries for larger businesses.

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