The cloud-based CRM startup Pipedrive, announced raising a new $2.4 million (1.8 million Euro) seed round. The round is co-led by California-based investment firms Rembrandt Venture Partners and Storm Ventures, but they will be joined by London-based and Russian-managed TMT Investments (who participated in a 524K-Euro round for Pipedrive last July) and angel investors Taavet Hinrikus (co-founder of Transferwise), Ott Kaukver (VP of Engineering at Twilio), Rain Rannu (founder of mobile-payment service Fortumo), and Tytus Michalski (Managing Director at Fresco Capital Advisors). This new funding round brings the total that the company has raised to $3.4 million (2.55 million Euro).
Pipedrive is cloud-based sales pipeline management software that allows users visually see how the client prospect moves through the stage of deal closing, while sharing this information with the sales team. Despite the large number of CRM tools out there, Pipedrive goes against simple tools like Excel and post-it notes, aiming at the small business users who do not require complicated sales reporting tools, but who need to see the progress of their opportunity to closure.
Rein has called this new funding an ‘extended seed round’ and the company included in the announcement a reminder that they are hiring a marketing director for their Palo Alto office and engineering, product, and design leads for their Tallinn office. Like a number of CEE startups, the company relocated from the country of origin (in this case, Estonia) to Silicon Valley, but they maintain a product development team in Tallinn.
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