SaaS company Qualtrics has closed a $180 million funding round led by Insight Venture Partners and Accel, with participation from Sequoia Capital. This funding round comes after almost 10 years of bootstrapping, and has increased Qualtrics’ valuation 2.5 times over its previous valuation in late 2014, denoting its current valuation of USD $2.5 billion.
“From a revenue standpoint, Qualtrics is already the size of most public companies and there’s room for a lot more growth considering the large and expanding market in which they play. The interest from investors everywhere underscores the notion that Qualtrics is likely the best private software company on the market today — we are very fortunate to be their partner,” said Ryan Sweeney, Partner, Accel and Qualtrics board member.
In addition, the company announced the appointment of Murray Demo to its board of directors and as chair of its audit committee. Demo is currently Chief Financial Officer at Atlassian, another Accel portfolio company, where he guided the company through its 2015 USD $4.4 billion initial public offering. He has previously served as CFO for tech leaders Adobe Systems and Dolby Laboratories.
“Qualtrics’ is changing the way people work, live, and experience the world. It’s the ultimate productivity platform for organizations,” said Jeff Lieberman, Managing Director, Insight Venture Partners and Qualtrics board member.
“One of the reasons we are so bullish on Qualtrics is that every organization in the world needs an experience management platform. It’s a single system of record for all your experience data. Qualtrics is to XM what Salesforce is to CRM—the category king with a product that is mission critical to every organization,” Lieberman added.
The announcement comes just weeks after Qualtrics launched the XM Platform designed to address the growing experience gap between what organisations actually deliver and expectations from the market, customers and employees.
“We have a lot of great momentum right now with the launch of the XM Platform. I could not be more proud of the team we have put together. This raise is a great step forward for everyone involved. Our investors doubling down is a huge sign of their confidence in the team and the amazing growth ahead of us with experience management,” said Ryan Smith, Co-founder and CEO, Qualtrics.