Crossbeam, a software startup headquartered in Philadelphia, has reportedly closed its series B funding round after securing $25 million, which was led by Redpoint Ventures with support from existing investors including Salesforce Ventures, FirstMark Capital, Uncork Capital, Slack Fund, plus Okta Ventures and Partnership Leaders among the new investors.
The funding comes along the heels of $3.5 million seed round in 2018, followed by a $12.5 million Series A last year. The total investment in the startup now stands at $41 million, claim sources with the knowledge about the matter.
Bob Moore, CEO and Co-founder, stated that the company wasn’t looking to raise funds but made a call to do so as Redpoint had shown keen interest in their platform which is actively being used by their portfolio companies and out of market firms.
For the record, Crossbeam is a software platform that helps companies automate partnership data integration and consequently expedites labor intensive processes like account mapping. The platform features a built-in natural networking with over 900 companies. Their ongoing collaborations can ensure constant sales without Crossbeam investing too much effort into it, reported trustworthy sourcesr.
In a bid to boost product adoption, Crossbeam has also announced a new free tier membership, replacing the limited free trial and a starter level that cost $500/month. Previously, if the user didn’t upgrade to the starter tier, data loss post trial was inevitable.
Following the funding, company is planning to add new recruits as it continues to expand, with an expected head count of fifty in early 2021. As of now, the company is operating with 28 employees, cite credible sources.
The company already had half of its employees working from home well before the COVID-19 outbreak, and will continue to push forward as a remote first organization.