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New Enterprise Associates Leads $33M Financing of SugarCRM

04/04/2012


SugarCRM, a customer relationship management (CRM) company, has completed a $33 million equity and debt financing round.

The investment round was led by New Enterprise Associates (NEA) and includes participation from new investors Silicon Valley Bank and Gold Hill Capital. All of SugarCRM's current investors including Draper Fisher Jurvetson and Walden International also participated.

Brooke Seawell, Venture Partner at NEA has also joined SugarCRM's Board of Directors. SugarCRM will use the funds to continue its advancement into the enterprise market and to pursue strategic business opportunities.

"NEA supports SugarCRM's vision to drive increased CRM adoption by offering affordable and easy to use CRM solutions to its customers," said Brooke Seawell,Venture Partner at NEA. "We believe SugarCRM is uniquely positioned to serve the market and continue to generate impressive results."

SugarCRM applications have been downloaded more than ten million times and currently serve over 1,000,000 end users in 192 countries. Over 7,000 organizations use SugarCRM's On-Site and Cloud Computing solutions over proprietary alternatives.