American VC firm Sequoia Capital ran a funding round in which SaaS Labs raised $42 million. This funding will go into researching and developing new products for users worldwide. They also want to scale all their latest products.
Sequoia Capital ran this Series B funding round, which saw existing investors – such as Eight Roads Ventures and Base 10 Partners – participating. Moreover, they also welcomed famous angel investors from Silicon Valley, such as Anand Chandrasekaran, Michael Stoppelman, Allison Pickens, and Amit Agarwal.
Saas Labs, a company that builds automation tools particularly for sales and supports teams worldwide, raised $42 million in funds during this round.
What else does SaaS Labs have planned?
SaaS Labs announced they are entering the European market after having acquired two companies:
- Atolia – a France-based company that offers communication, collaboration, and productivity workspace tools
- CallPage – a Poland based call automation tool
Gaurav Sharma, CEO and founder of SaaS Labs, said:
“Excited to partner with Sequoia Capital India to accelerate our growth. While we are well-capitalized, this round gives us the firepower needed to double down on what’s working, hire great talent globally, launch innovative products, focus on brand marketing and get aggressive with strategic mergers and acquisitions.”
How do SaaS Labs plan to use this funding?
SaaS Labs is planning to use the funding for development and research purposes. It will help them scale the products they just realized and develop better outcomes for their users globally. SaaS Labs also stated that these two European company acquisitions would allow them to receive product synergies through software integrations.
The acquired companies will benefit from the exposure received through SaaS Labs, as they have customers all across the globe. Moreover, employees from the company will also be joining SaaS Labs full-time.