Insight Venture Partners lead Series B funding, with reinvestment from Accel Partners and Sequoia Capital
Provo, Utah; Dublin, Ireland – September 24, 2014
In this era of immediacy, customers and employees expect to be heard. To meet this demand, organizations today require fast, actionable insights to help drive their businesses. Qualtrics has delivered on this need for more than 12 years. And it is about to get even better.
Today Qualtrics, the world’s leading insight platform, announced it has closed a $150 million Series B financing round. Qualtrics, best known for its award-winning survey engine, offers SaaS-based solutions that have revolutionized the way organizations capture and respond to customer, employee, and market insights. By creating a single platform that eliminates data silos, Qualtrics has changed the way organizations do business.
To support the company’s continued product innovation and rapid international expansion, Insight Venture Partners led this $150 million round of new investment, with significant participation from original investors, Accel Partners and Sequoia Capital.
“We meet with thousands of companies each year and select only the very best for investment. Qualtrics is such an organization with a leading brand, product, and management team,” said Jeff Lieberman, managing director at Insight Venture Partners, which has invested in more than 200 growth stage companies. “No organization can remain competitive without knowing what their customers and employees think – which is why insight technology is essential to every organization. Our investment in Qualtrics reflects our confidence in the company’s continued growth and innovation in this market.”
Qualtrics is backed by funds that know game-changing technology. In 2012, the company originally received $70 million from prominent Silicon Valley VCs, Accel Partners, and Sequoia Capital, which have also invested in technology companies such as Facebook, Atlassian, Cloudera, Etsy, Dropbox, Whatsapp and Google. Similar to these leading companies, Qualtrics is disrupting the status quo by changing the face of insights for organizations. This additional $150 million brings Qualtrics total funding to $220 million to date. Valued at over $1 billion, Qualtrics has emerged as the clear enterprise market leader in insight technology.
Hyper-growth Meets Profitability
Qualtrics currently has over 1.9 million global enterprise seats today. On any given day, the Qualtrics platform hosts over 2.1 million active surveys, the vehicle that captures critical customer, employee, and market insights. In addition, the company has achieved a compounded annual revenue growth rate (CAGR) of over 90% during the last 5 years, while maintaining profitability.
“The ability to stay profitable while in hyper-growth is very difficult to do, and Qualtrics is one of those rare success stories,” said Ryan Sweeney, General Partner, Accel Partners. “Naturally, we’ll invest in profitable, fast growing companies with strong financials, and great management teams all day long! As such, our second round of financing for Qualtrics amplifies our belief that the company is in prime position to lead its enterprise market, joining the long list of category-defining companies within the Accel family.”
Increasing Global Demand for Fast Data and Insights
Bryan Schreier, Partner at Sequoia Capital states, “Qualtrics makes big data actionable, delivering fast insights that enable business success. Fast data is a huge differentiator in today’s hyper-competitive market. We are thrilled to continue our support of Qualtrics as a customer and business partner.”
The global demand for fast data delivered via a single insight platform is substantial, and Qualtrics is meeting this demand. Enjoying major growth in domestic and international markets, the company’s momentum continues to climb. In fact, Qualtrics is currently used in over 75 countries, has over 6,000 enterprises as clients, and is adding approximately 400 new enterprise customers per quarter. This round of financing will fuel expansion into new geographic and vertical markets, new product innovation, as well as acquisitions of technology solutions that are a good fit for the Qualtrics ecosystem.
“Every organization in the world needs Qualtrics. Today, customers and employees feel entitled to say what they think, and they’ll say it whether you’re listening or not,” said Ryan Smith, CEO of Qualtrics. “That’s why the Qualtrics platform is so powerful. It allows organizations to capture and act on real-time insights to make data-driven decisions to grow their business.”
Qualtrics is a rapidly growing software-as-a-service company and the provider of the world’s leading insight platform. 6,000 enterprises worldwide, including half of the Fortune 100 and 99 of the top 100 business schools rely on Qualtrics technology. Our solutions make it fast and easy to capture customer, employee, and market insights in one place. These insights help our clients make informed, data-driven business decisions. Global enterprises, academic institutions, and government agencies use Qualtrics to collect, analyze, and act on voice of the customer, customer satisfaction, employee engagement, 360-degree reviews, brand, market, product concept, and employee feedback. To learn more and for a free account, please visit qualtrics.com.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $8 billion and invested in more than 200 companies worldwide. Our mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit www.insightpartners.com or follow us on twitter: @insightpartners.com.