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ProsperWorks Raises $53M Series C To Accelerate Our Investment in You

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Copper Staff

Contributors from members of the Copper team

I’m very excited to announce that we’ve received a $53M capital infusion through our Series C financing, led by Midas List Hall of Fame investor, Promod Haque of Norwest Venture Partners. GV (formerly Google Ventures) also invested, further cementing our relationship with Google. Our existing investors, True Ventures, Next World Capital, Storm Ventures and Industry Ventures also continue to support us in a big way. This brings our total funding to $87M, which makes us the #1 funded CRM company founded in the last decade.

What this means for you is that we’ll be doubling our engineering team to accelerate delivery of solutions, like an integration platform and workflow builder, that are not only easy to use but help you grow faster. We’ll be enhancing service, support, and content to get you up and running fast. We’ll be developing solutions tailored for your industry, making it simple for you to adopt the best practices that have helped others in your market grow. Finally, we’ll be expanding internationally to provide the support that you deserve, no matter where you are.

Helping YOU be more successful is what drives us. You told us that you hate your old CRM, that it’s a productivity suck, and that it doesn’t give you the data you need to make the right decisions for your business to prosper. If it’s any comfort, you’re not alone. Forrester found that 47% of CRMs fail because people don’t want to use them. It’s crazy to think that companies waste nearly $20B a year on failed CRM implementations. And, considering that CRM drives one trillion dollars in sales, it’s a downright travesty for global productivity.

We’re changing this. How?

First, we’ve redesigned CRM to make it usable. We are doing to CRM what Apple did for mobility, reinventing user interface to be so intuitive that you realize value right away. We are integrating with the tools you use to foster customer relationships, so you benefit from contextual insights at the right time and place. We’re also automatically populating data for you so you can win back all that time you previously spent on data entry. More importantly, you finally have confidence in the insights you need to grow your business since your data is accurate.

We still have lots of work to do, but we’ve clearly struck a chord: 86% of our customers use us every day. That engagement is higher than Facebook and Slack. Revenue is growing at a 34% compounded monthly growth rate, meaning more and more businesses are seeing the value of a usable and integrated CRM. We follow a simple mantra: make CRM simple so people will use it. This means better data, which leads to better decisions, and better decisions lead to faster business growth.

Second, we’re using data to reimagine what’s possible with CRM. Gone are the days when CRM was simply a database populated and queried by humans. Data is now automatically ingested and analyzed to provide relevant insights and recommend follow-ups. Traditional business software as we know it will be disrupted by software that is assistive.

For example, we'll automate and optimize your follow-up, saving you time and helping you deliver the right message to your customer. You'll know your next best action to put your team in the best position to win. Your leads will be scored automatically, so you focus time on the most valuable prospects. While the possibilities to increase your productivity are endless, there are but two requirements: your data must be accurate and your team must want to use it.

How is this different from what others are doing? You can have Einstein solving your problems, but if you give him garbage data, you’re going to get garbage results. Incumbent CRMs suffer from an irreconcilable usability flaw. By catering to everyone, they have added complexity at the expense of pleasing no one.

Let this be evidence that there is a movement among us. We will no longer accept software we hate to use. We demand that software be assistive, leveraging the breadth of data available in our ever-connected and growing cloud. We’re incredibly excited to be at the forefront of this new world order that will no doubt usher massive productivity gains.

I didn’t do this alone. There are many to thank for helping make us the fastest growing CRM in the world and one of the fastest growing SaaS companies in the world. To our 30K+ customers that have embraced our vision and entrusted us with their growth, I want to say thank you. Thank you, Google, for being our partner and exclusively recommending us to your 5 million customers. Finally, thank you to the team, whose commitment to our customers burns tirelessly with each waking day.

To our valued customers, we’re excited and honored to be a part of your growth and help you get one step closer to realizing your dreams.

Onwards and upwards,

Jon Lee

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