SugarCRM Raises $14.5M
January 9, 2008 by Jimson Lee · Leave a Comment
Last month’s big headlines was NetSuite’s IPO, but last week had a smaller news item that went unnoticed and may seem insignificant, but may be a big player one day: SugarCRM.
SugarCRM took hold of $14.5 million last Wednesday in an investment round designated “Series D”.
Who is SugarCRM? They specialize in “commercial open source customer relationship management software for companies of all sizes”.
I am keeping an eye on this company for two reasons. I used to work at a Silicon Valley, Cupertino based startup back in 1999, and that company went through several “letter rounds of funding”. I can’t remember if we got past the “E round” or “F round” of funding, but that is water under the bridge.
The other reason is several web hosting companies like Megahosters offer SugarCRM (and several other applications, like WordPress Blogs or Joomla for a complete CMS portal as an easy install package). Once you register your domain name, which is often the hardest part is deciding on a name, then setting up your web and applications is easy as pie.
When you think SaaS on-demand CRM software, you immediately think of NetSuite and/or Salesforce.com, right?
These big-names are benchmarks to which all other market forces are measured.
A number of SugarCRM’s earlier backers are responsible for the new infusion, including Draper Fisher Jurvetson, New Enterprise Associates, and Walden International. Its history shows that an amount totaling $26.5 Million in startup capital was provided since its founding in April 2004.
Salesforce.com was founded 1999 with a current retention of some 36,000 clients across its three primary businesses.
NetSuite founded 1998 with “thousands of customers” (total number not privy to me… yet) and nearing the close of its first month an the NYSE.
In this highly competitve market, SugarCRM’s open-sourcing may one day be a major player in the game.
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About Jimson Lee
Jimson is a freelance industry analyst, with over 25 years experience in the IT industry. Prior to joining CRMHelpDeskSoftware, he spent 4 years as a Senior Consultant at Sierra Systems Group, part of Golden Gate Capital, a leading private equity firm with $9 billion in capital under management. Jimson currently resides in Rome, Italy.
