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SaaS developer Zendesk seals $60m financing

12 Sep 2012

Cloud-based software company Zendesk has completed a $60m round of new financing.

Tech-focused VC firm Redpoint Ventures led the $45m equity financing with participation by Index Ventures, GGV Capital, Goldman Sachs and the company’s existing venture capital investors Charles River Ventures, Benchmark Capital and Matrix Partners. In addition, the company secured a $15m facility through Silicon Valley Bank.

“This new funding allows us to invest aggressively in global expansion, top-notchtalent, and technology innovation,” said Mikkel Svane, Zendesk CEO and company founder. “Today’s introduction of the ‘new Zendesk’ demonstrates how we are changing the face of customer service forever.”

“We believe Zendesk is one of the most innovative SaaS companies in the industry,” said Satish Dharmaraj, general partner with Redpoint Ventures. “The enterprise software industry is seeing a huge shift to the cloud. Zendesk has proven itself as a leader in this transition, with stellar performance in the customer service sector and they are poised for phenomenal growth. Redpoint is pleased to be an investor in this important and disruptive company.”

The San Francisco-based company provides cloud-based customer service software. Zendesk’s monthly recurring revenues have grown nearly 500 per cent since the last financing was completed in November 2010. Over the past 15 months, it has opened offices in London, Copenhagen, and Melbourne as well as established operations in Tokyo.

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