San Francisco-based customer data infrastructure company Segment has revealed that it has raised $175m in a venture funding round led by existing investors Accel and GV and new stakeholder Meritech Capital Partners, placing its value at around $1.5bn.
Thrive Capital, Y Combinator Continuity, e.ventures and Sapphire Ventures were also new investors in the round, which has brought the startup's total funding to $284m. Founded in 2012, Segment helps companies manage the ever-expanding droves of customer data they collect.
"CRMs and their associated suites are no longer able to deliver great customer experiences," explained Peter Reinhardt, co-founder and CEO of Segment. "With the rapid proliferation of new digital tools and customer touchpoints, the global market opportunity for customer data infrastructure is huge. We are excited about this latest milestone, which will allow us to accelerate international growth and help even more businesses across the world put their customers first."
Rob Ward, founder and managing director at Meritech Capital, remarked: "Today's consumers see compelling, consistent and personalized customer experiences as the new standard. By pioneering customer data infrastructure, Segment is empowering businesses to meet these rising expectations in a way that is fast, efficient and scalable.
"The company has had great traction to date and we look forward to supporting the team through the next stages of rapid growth," he added.
Segment will use the funds to accelerate development and increase adoption of its customer data infrastructure platform by hiring more workers internationally.