SUNNYVALE — Clari, developer of a revenue operations platform,has closed on a $225 million Series F round, raising the company’s total valuation to more than $2.6 billion. The new funding follows Clari’s $150 million Series E round in March 2021, bringing total funding in the last 12 months to $375 million while more than quadrupling the company’s valuation in two years.
The latest round is led by Blackstone through funds managed by Blackstone Growth (BXG), the firm’s growth equity business, and included existing investor Silver Lake, in addition to new investors Light Street Capital and Maverick Capital. Other existing investors participating in the round include: B Capital Group, Bain Capital Ventures, Madrona Ventures, Northgate Capital, Sapphire Ventures, Sequoia Capital, Sequoia Capital Global Equities, and Tenaya Capital.
More than 450 companies around the world use Clari to deliver unmatched revenue performance by transforming their revenue operations to be more connected, efficient, and predictable. In addition to investing in Clari, Blackstone plans to look for opportunities to utilize Clari across its more than 250 portfolio companies around the world as part of the firm’s efforts to drive growth through digital transformation. Blackstone joins seven other private equity firms with partnerships to introduce Clari to their portfolio companies.
“Gone are the days of time-consuming revenue calls trying to figure out what has happened and who has the ball,” said Jennifer Morgan, Global Head of Portfolio Operations at Blackstone. “Clari brings transparency, urgency, action, and clarity to moving revenue forward. It brings every team player into the game with clear accountability to the revenue process and outcomes. We are excited to partner with Clari as they scale globally, as well as introduce this exciting product to our portfolio companies.”
The best-run companies know that revenue is a process, not just an outcome, and use Clari to run their businesses. Clari is purpose-built software that helps every company, from Wall Street to Main Street, deliver world-class revenue performance. Clari has powered many of the most successful IPOs in recent years. In 2021 alone, 18 Clari customers went public, including Confluent, UiPath, Procore, WalkMe, Hashicorp, Samsara, and ChargePoint.
“Clari has transformed the revenue and sales process from an antiquated mess to a software- and data-driven business process that is minting new industry juggernauts,” said Andy Byrne, co-founder and CEO of Clari. “The best of the best run their businesses through Clari, using our powerful data and insights to outperform the market and their competitors. We’re thrilled to have the support of Blackstone and all our investors as we deliver unmatched performance and more predictable growth for companies around the world.”
Skyrocketing demand for the number one revenue operations platform has resulted in explosive growth for the company. In 2021, Clari exceeded its operating plan by 125%, and in the last two years it has seen a 10x increase in the revenue data under management that Clari processes for its customers across their CRM data, revenue intelligence, sales enablement, and sales engagement signals.
Building on this momentum, the company will use the proceeds of the investment round to expand its team globally and advance its technical strategy to give customers ever greater control over their revenue. In 2021, Clari more than doubled its team to over 500, with plans to add another 300 employees in 2022, including adding twice as many employees in EMEA and formally expanding in APAC. Clari acquired its first company in 2021, and will use the proceeds from the investment round to fuel its acquisition strategy.
“Clari continues to demonstrate its category leadership in revenue operations through purpose-built workflows, premier best practices, and customer-centric innovation,” said Clari customer Todd McKinnon, CEO and co-founder of Okta.