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Salesforce Ventures, Battery Ventures led series D funding round in women-led Front at $1.7bn valuation

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Salesforce Ventures and Battery Ventures have led a series D round funding in customer relationships building communication platform Front, doubling its valuation to $1.7bn.

Existing investors Sequoia Capital, Threshold Ventures and Uncork Capital also participated in the $65m round.

The company joined list of only ten other SaaS Unicorns that are founded and led by women, according to data monitored by Crunchbase.

Founded in 2013, Front helps businesses engage high-stakes conversation with team collaboration capabilities and customer data for fast, accurate and deeply personalized responses.

It has nearly 8,000 users in over 100 countries, including five of the Fortune 25. It has grown net new ARR by 120% year-on-year. It will use the new funding to accelerate investments in products and driving global expansion, particularly in EMEA.

Battery Ventures hauled in more than $3bn in March for its giant new flagship fundraise, just two years after closing its record-breaking predecessor funds in the strategy.

The firm is eyeing up to $3.5bn for Battery Ventures XIV, and was well on the way to that figure thanks to 194 investors, a document Battery submitted to the SEC shows.

Battery has also registered $530m towards its second Select Fund, which will look to provide additional capital to a small subset of the firm’s later-stage companies.

That vehicle could collect up to $600m according to a separate SEC filing, and has picked up commitments from 55 investors to date.

Goldman Sachs is acting as a placement agent for both fundraises, the filings add.

Battery sealed a huge double fundraise in early 2020 by bringing in $1.2bn for Battery Ventures XIII and $800m for a side fund – representing almost a quarter of the total capital raised by the firm in its 37-year history.

Battery pulled in an impressive $1.25bn for its previous flagship fund and side pot in February 2018, its biggest fundraise to date at that point.

That close also came just two years after the firm’s Fund XI capital raise, when it brought in $950m across two funds.

Salesforce Ventures launched a $125m Europe Trailblazer Fund  in 2019 to invest in enterprise cloud startups in the region.

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