Last week we announced that Culture Amp had raised another US$20 million in a Series C funding round. This will fund the next stage of our growth, underpinned by our vision to empower companies across the globe to put culture first.
This Series C round has validated what we’re trying to achieve at Culture Amp. It’s validated that we are chasing a huge opportunity. It’s validated that we’re very well positioned to win. But it’s also reinforced just how much work we have to do if we’re going to emerge as the global market leader.
Welcoming Sapphire Ventures onboard
So far, we've been lucky to have some amazing companies back us; Blackbird here in Australia, Felicis Ventures out of Silicon Valley, and Index Ventures who are based in Silicon Valley and the UK. Bringing Sapphire Ventures on board was not a decision we made lightly. We wanted to choose the right partner for us so we went through a lengthy process, talked to a lot of companies, and eventually ended up with several offers.
This Series C was led by Sapphire Ventures and their Principal, Kevin Diestel, will make a great addition to our board. Like everyone at Sapphire Ventures, Kevin is a product manager at heart. He loves, lives and breathes product, and that was how we connected the first time we spoke.
We were attracted to Sapphire by their depth of understanding about what it takes to grow a truly global enterprise software business. The fund was established by SAP in 1996, but unlike some other corporate VC firms, they remain largely independent. One of the best tests of independence is to look at how many portfolio companies have been sold to competitors (in Sapphire’s case, the answer is a substantial number).
While their investments are impressive, what really stood out to me was the way Sapphire Ventures supported their companies through the journey. That was what we were looking for; a partner that was willing to go on a long journey with us and understood how to build a really successful world leading enterprise company.
We’re not celebrating the funding, we’re celebrating what we can do with the funding
While it’s great that we’ve just raised $20 million, what really matters is what we do with the money.
"We're not celebrating the funding, we're celebrating what we can do with the funding." (Click to Tweet!)
We currently have over 1,000 customers, which is an achievement I’m very proud of. This round of funding is all about setting us up to grow to 10,000 customers - which is where we want to be in three to four years.
To do this, we’re doubling down on product. This round of funding will allow us to continue to invest in our product - engineering, design and machine learning. We’ll be building our product team and want to continue to attract the best and brightest people here in Melbourne, and in all of our offices around the world.
Our product has always been front and center of everything we do; from when we bootstrapped to a million dollars in revenue, then through our series A in 2015 and series B in 2016. And nothing has changed. Our product gives us extraordinary reach and will continue to differentiate us.
These are all things I’ve been talking to our team about since we announced the Series C. I don’t want us to celebrate the money. I want us to celebrate what we’re going to do with the money. More than ever before, we’re focused on doing things that really matter and putting an even better product in the hands of more customers all over the world.