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February - 2015 - issue > Venture Chakra
Sendgrid Raises $20 Million in Series C Round
SI Team
Tuesday, February 17, 2015
Sendgrid, developers of a cloud-based service that solves the challenge of email delivery by delivering emails on behalf of companies, announced a Series C round of $20 million, bringing its total capital raised to $48 million. The C round funding was raised from Bain Capital Ventures and previous investors Bessemer Venture Partners and Foundry Group. Prominent angel investors including Jeff Clavier, Dave McClure, and David Cohen have stakes in the company. SendGrid last raised venture capital in 2012.
The past few months have been hectic for SendGrid and its new CEO Sameer Dholakia, who joined the company in September. With the round out of the way, Dholakia's job now is to build on SendGrid's growth over the past five years by developing new products and reaching new customers in new markets'all while fending off new rivals.We are in a far more competitive market today than we have been in the past, and I expect that to only increase, Dholakia said. "It's no longer the small market that SendGrid pioneered years ago. I think we have now proven there is a big market opportunity there."
Dholakia said his plans for SendGrid and how to use the new investment are taking shape. Much of the money will be used to add new features to SendGrid's e-mail delivery software. Dholakia said SendGrid plans to release new features starting next quarter and continuing through 2015. While Dholakia might be plotting new directions for SendGrid, he said the company he inherited was in good shape. SendGrid no longer releases details about its revenue, but the company reportedly was approaching $50 million in annual revenue.

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