SugarCRM raises $33 million, eyes broader footprint

Summary:SugarCRM said it will use the money to "continue its advancement into the enterprise market and to pursue strategic business opportunities."

SugarCRM landed $33 million in venture and debt funding as it expands its enterprise footprint.

Investors included New Enterprise Associates as well Silicon Valley Bank and Gold Hill Capital. Existing investors Draper Fisher Jurvetson and Walden International also chipped in. The company has raised $60 million to date.

SugarCRM said it will use the money to "continue its advancement into the enterprise market and to pursue strategic business opportunities."

The company didn't disclose financial figures, but noted its billings growth was up 67 percent in 2011. SugarCRM added 2,700 companies and has 370 channel partners.

ZDNet CRM expert Paul Greenberg gave SugarCRM high marks on his 2012 watch list. Referring to SugarCRM, Greenberg said:

(SugarCRM) hung in tightly on their theme for 2011 when it came to product development - local, social, mobile - adding full social integration with multiple vendors, notably InsideView (who made my “we’ll see in 6 months” list this year), providing a free basic version. But more than that, they integrate with the consumer side social networks like Facebook, Twitter and LinkedIn, collaboration platforms like WebEx, GoToMeeting, and LotusLive. Also GoogleDocs. Plus their development community has over 1000 extensions listed on the Sugar Exchange for any other possible integration you could imagine social to back office. They also are available on mobile operating systems like Apple’s IOS, Blackberry and Android...(SugarCRM) moved away (finally) from using Open Source as a differentiator to just seeing themselves as an open company.

Related:

Topics: Enterprise Software, Banking, Software

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Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

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