Philadelphia software-as-a-service startup Crossbeam raised a $76 million Series C round led by Silicon Valley venture capital firm Andreessen Horowitz. Additional investors are Redpoint Ventures, FirstMark Capital, First Round Capital and Uncork Capital, along with Salesforce Ventures, Slack Fund, HubSpot Ventures and Okta Ventures. Crossbeam CEO Bob Moore announced the investment in a blog post. Crossbeam 76m Seriesmillertechcrunch.
The network effect, according to Moore, is what is attracting investors, and it provides an easy way for the company and its investors to measure success by looking at the network graph. “So all of the ways we think about whether the business is working and how we measure success revolve around the growth in this network graph and how many new companies are coming on board,” he explained. This is because many of these businesses joined after being recruited by other businesses. They can also look at how deeply engaged they are with the platform and how they collaborate across company lines, he explained. You can see that if you look at the growth from the beginning to the present. 95m series capital 117mhalltechcrunch.
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He claims that they began by selling to partner teams, but that they are now expanding into sales and marketing, which is helping to feed valuable data into systems such as Salesforce and HubSpot (which not coincidentally are also investors). “That broader interest is being driven by integrations into products like Salesforce, HubSpot, and Slack, where data can flow into where people are doing their work and actually allow them to get the answers to these questions and measure where the impact is coming from in their partner ecosystems. Brands Amazon Series Crossbeam Venture.
Crossbeam runs a platform that lets companies share data between firms to build or improve partnerships. The company has “thousands” of clients, including hundreds of unicorns and multiple publicly traded companies, Moore wrote. Crossbeam will be “doubling down” on investments in security and privacy best practices and hiring, he said. Brands Series Crossbeam Venture.
The latest round of funding for the Center City startup comes just over a year after it raised a $25 million Series B round. Crossbeam was valued at $120 million following the Series B round in August 2020. Since 2018, the company has raised a total of $116.8 million. Crossbeam was founded in 2018 by Moore and co-founder Buck Ryan after Moore sold his startups RJ Metrics and data-centric spinout Stitch. Crossbeam began with a team of ten and has since expanded to a crew of nearly 70. Brands 123m Series Crossbeam Venture Partnersbealeforbes.
Crossbeam is not the first Philadelphia startup to receive an investment from Andreessen Horowitz. The Silicon Valley venture capital powerhouse has invested in Dbt Labs, formerly known as Fishtown Analytics, and T-cell immunotherapy firm Tmunity. Brands 123m Series Crossbeam Venture.
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