Salesforce Ventures-backed cloud startup Vlocity raises $50 million
Industry cloud startup Vlocity has raised $50 million in funding led by Salesforce Ventures and Sutter Hill Ventures.
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San Francisco-based Vlocity tailors its products to the industry-specific cloud, with a portfolio built entirely on the Salesforce Customer Success Platform.
The company was founded in early 2014 by veterans of Veeva Systems, a cloud spinout of the Salesforce platform company Verticals On Demand. Veeva went public in 2013 with a valuation of about $5 billion. In some ways, Vlocity is an extension of Veeva's industry-specific approach but with a broader selection of verticals.
Vlocity now offers four industry applications on the Salesforce AppExchange focusing on communications, insurance, and public sector service management. The company's tight knit Salesforce relationship also has the two firms set up in co-resident headquarters.
"This latest investment further strengthens our unique strategic relationship with Salesforce and will help us accelerate the delivery of our industry cloud software by fueling the expansion of our service and support infrastructure for our customers around the world," said Vlocity CEO and founder David Schmaier.
As for Salesforce Ventures, the investment arm of the CRM giant has previously backed the content marketing and engagement platform Livefyre, price-to-quote app maker SteelBrick, and predictive analytics player InsideSales.
Vlocity's latest investment round also included participation from Accenture and New York Life, and from Kennet Partners, TDF Ventures, and Wildcat Venture Partners.