Enterprise content management startup Alfresco Software announced $45 million new funding in growth capital to give a boost to its Go-to-Market (GTM) strategy mainly via adding new sales people and investing further in existing markets.
The Series D round is led by Sageview Capital, with participation by earlier investors Accel Partners, Mayfield Fund and SAP Ventures, The round, which is the biggest so far, increases the total to $65.4 million.
Berkshire-based company claims a growth by more than thirty percent annually and at triple the pace of the ECM market overall. Largely thanks to its differentiated hybrid model and open-source DNA, Alfresco says it now serves more than 1800 active customers in 212 countries, managing more than 7 billion documents for over 11 million users around the world. Some include Amnesty International, Cisco, Eurostar International, FOX, Harvard Business Publishing, NASA, Oxfam International, Sony Entertainment etc.
“Alfresco is innovating at the intersection of business-critical content, process and collaboration,” said Doug Dennerline, the CEO of Alfresco, “With a customer renewal rate at 90 percent and a strong balance sheet, we took additional funding as jet-fuel to take the company and industry to the next level in critical business services.”. Dennerline joined the company to refocus the startup to its own growth, meaning not necessarily seeking profitability in near future.
With the latest investment, Ned Gilhuly, Founding Partner at Sageview Capital joins Alfresco’s Board of Directors. Jeff Klemens, Principal at Sageview Capital also joins as a Board Observer.