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Crosslink leads $27m ServiceMax financing

8 Nov 2012

Crosslink Capital has led a $27m financing round for cloud based mobile customer services software company ServiceMax.

Existing investors Emergence Capital Partners, the Mayfield Fund and Trinity Partners also took part in the financing round, which took the total raised by ServiceMax to date to $52m.

ServiceMax said it planned to use the investment to fuel its continued growth and geographic expansion.

The company’s latest funding round follows another quarter of triple-digit growth, while the company has seen bookings increase by more then 150 per cent over the last year.

Crosslink partner David Silverman will join the ServiceMax board as part of the investment.

He said, “The field service market is massive and one not to miss, in which its size nears salesforce automation. ServiceMax has the right team and technology to take full advantage of this incredible opportunity.

“Crosslink Capital invests in the most promising companies on the brink of exponential growth, and ServiceMax is primed to drive this market to new levels.”

Emergence partner and existing ServiceMax board member Jason Green said, “Field service is the greatest use-case for cloud, mobile and social, and ServiceMax is built on a foundation of these technologies.

“The elite, proven team at ServiceMax combined with the huge market opportunity and their incredible pace of innovation, makes them the clear field service leader now and going forward.”

Last month Crosslink Capital became the latest venture firm to invest in professional answer service Pearl.com by leading a $25.7m funding round.

Existing investors Glynn Capital and the Pearl board also took part in the Series B round, which took the company’s total funding to more than $50m.

The website says it provides access to 10,000 professionals in 700 specialties, allowing users to have one-on-one conversations 24 hours a day.

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