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Goldman Sachs helps Clarizen raise $35m

21 May 2014

software binary code computerEnterprise collaboration software company Clarizen has secured $35m in a funding round led by investment bank Goldman Sachs.

Existing backers Benchmark Capital, Carmel Ventures, DAG Ventures, Opus Capital, and Vintage Investment Partners also participated in the round, which brought the company’s fundraising total to $90m.

Clarizen, which recently reported quarter on quarter growth of nearly 100 per cent, said the funds will help it expand its global presence and invest in product innovation.

The company has more than 2,000 customers including Electronic Arts, Sony and one of the Big Four audit firms.

Co-head of private capital investing group at Goldman Sachs Hillel Moerman said, “Clarizen’s strong management team and customer-proven product have positioned the company to be a global leader in the enterprise work collaboration space.

“We see strong market growth potential, as virtually every company can use project management/collaboration software. The company continues its product innovation, and we are pleased to contribute to Clarizen’s overall product, market and company success.”

One of the company’s backers, Benchmark Capital, recently held a final close of $34m for its eighth Founders Fund.

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