Customer experience management (CEM) provider Clarabridge scored USD 80 million in equity investments in its latest funding round. New investors Summit Partners, General Catalyst Partners and Yuchun Lee led the financing. The Reston, Virginia-based firm said it would use the proceeds to expand its operations worldwide and develop its products. The funds would also be used to increase its workforce and strengthen its marketing efforts.
As part of the deal, Yuchun Lee would be the Chairman of the Clarabridge Board of Directors. Tom Jennings of Summit Partners and Larry Bohn of General Catalyst Partners would also joining the board. Clarabridge Founder Sid Banerjee would remain in his position as Chief Executive Officer.
The client list of the CEM solution provider included firms like Dell, Wendy's International, United Airlines, Best Buy and Walmart. The latest capital infusion came in the wake of Clarabridge's prolific growth in the past three years. In that time period, the company posted revenue growth of more than 150% and had recurring revenues of over 250%.
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