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As we wrote last week in How Salesforce paved the way for the SaaS platform approach, the ability to build extensions, applications and even whole companies on top of the Salesforce platform set the stage and the bar for every SaaS company since. Vlocity certainly recognized that. Targeting five verticals, it built industry-specific CRM solutions on the Salesforce platform, and today it announced a $60 million Series C round on a fat unicorn $1 billion valuation.
The round was led by Sutter Hill Ventures and Salesforce Ventures. New investors Bessemer Venture Partners and existing strategic investors Accenture and New York Life also participated. The company has now raised $163 million.
Company - Co-founder - Craig - Ramsey - Career
Company co-founder Craig Ramsey whose extensive career includes stints with Siebel Systems, Oracle and Veeva Systems, says he and his co-founders wanted to take the idea of Veeva, which is a life sciences-focused company built on top of Salesforce, and extend that idea across five verticals, instead of just one. Those five verticals include communications and media, insurance and financial services, health, energy and utilities and government and non-profits.
The idea he said was to build a company with a market that was 10x the size of life sciences. “What we’re doing now is building five Veevas at once. If you could buy a product already tailored to the needs of your industry why wouldn’t you do that,” Ramsey said.
Theory - Company - Revenue - End - Year
The theory seems to be working. He says that the company, which was founded in 2014, has already reached $100 million in revenue and expects to double that by the end of this year. Then...
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