CRM Software Startup Vlocity Nabs $60 Million in Series C Funding

CRM Software Startup Vlocity Nabs $60 Million in Series C Funding

Vlocity raised $60 million of Series C capital in a round led by Sutter Hill Ventures and Salesforce Ventures, and together with new investor Bessemer Venture Partners, and current investors Accenture and New York Life.

Vlocity, Inc. is a leading industry-cloud software company that develops cloud solutions and delivers industry-specific applications for Salesforce’s customer relationship platform (CRM). The San Francisco-based company raised over $163 million, following an enormous $42.8 million series A funding in April 2015, and a $50 million series B in September 2016.

David Schmaier, CEO of Vlocity said that the funds will be used to “speed up” and “deepen”  product development in Vlocity’s series of apps available via Salesforce’s AppExchange.

The Series C round of funding puts the company’s valuation above $1 billion.

Shaimer said, “I am delighted by the incredible success that our customers are realizing in digital transformations when adopting our modern industry cloud and mobile applications.”

“The operational and financial benefits are beyond what we expected, proving that the best customer experiences are industry-specific and that the industry cloud enables extraordinary business agility and faster time to value,” he added.

Founded in 2014, Vlocity was created by David Schmaier, Craig Ramsey, James Ramsey, Mark Armenante, and Young Sohn. Rather than taking a broad-based strategy to the forthcoming $29.7 billion worldwide CRM market, the startup has cleverly chosen to target a few from the lucrative vertical market such as insurance, real estate, banking, heavy manufacturing, retail, transportation, hospitals and government, and nonprofit — a GTM strategy that netted customers such as MetLife, Rogers, T-Mobile, Sky, Telus, Farmers Insurance, Telia, Cigna, Allstate, Telefort, WellCare, British Gas, Cox Automotive, Liberty Mutual, and Claro.

OmniScript, a collection of over 40 pre-specified script elements and dynamic, templated business forms configurable with a drag-and-drop visual design tool is included in Vlocity’s platform.

Vlocity’s platform also offers Industry Console, which supports up to “dozens” of guided flows showing customer history, service-to-sales opportunities, and data sources in a single card-based flow, and DataRaptor, which takes care of external data integration, extraction, and transformation with declarative object-to-object maps, bulk transaction support, and other features..

There are 5 available apps on the Salesforce store, AppExchange, for different industries.

  1.    Vlocity Communications, Media & Energy

Vlocity Communications is a collection of digital BSS applications built natively on the Salesforce platform. Vlocity Communications comprises of Sales, Marketing, Service, Retail, EPC, CPQ, Contract and Order Management applications.

  1.    Vlocity Insurance & Financial Services

Vlocity’s omnichannel is a set of solutions for the entire customer journey, from quote to service, and claims.

  1.    Vlocity Public Sector

The Vlocity Public Sector offers up-to-date applications for government contact centers, case management, and the administration of housing and human services programs.

  1.    Vlocity Health Insurance

Vlocity Health Insurance builds on the flexibility of the Salesforce Platform to lead the entire health insurance customer journey. Cloud apps are enterprise-scale solutions designed to run and replace the Front and Mid Office for health plans.

  1.    Vlocity Clickstream Analytics

Vlocity Clickstream Analytics offers relevant insights into customers, outcomes of sales and services interactions, and integration

Vlocity’s process engine shows products and personalized offerings ordered by fees and rates and filtered by customizable rules. Vlocity Mobile and Vlocity Wear surface chronologies of consumer engagements and sport improved tagging and on-the-fly profile editing tools.

There is also clickstream analytics, a Salesforce Wave Analytics-powered dashboard that recognizes trends at a “process level,” with the goal of maximized upselling, improved customer satisfaction, and minimized average handle time.

Salesforce Industries’ General Manager Jujhar Singh said, “Vlocity is a perfect example of the incredible innovation occurring in the Salesforce ecosystem and how we are working together to provide customers in different industries the technologies they need to attract and serve customers in smarter ways.”

“Vlocity continues to show the considerable gains customers can achieve from deep, industry-specific capabilities, delivered in concert with Salesforce’s world-leading CRM platform and industrial products,” he added.

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