Rocketlane, a B2B SaaS platform for client project delivery, has raised $24 million (Rs 200 crore) in its Series B funding round co-led by venture capital firms 8VC, Matrix Partners India, and Nexus Venture Partners.
The latest funding round brings the total funds raised to $45 million. The company said it had $11 million in bank before this round of funding.
Prior to this, the company had raised $18 million in its Series A funding round led by venture capital firm 8VC. It had raised $3 million in seed funding from Matrix Partners India and Nexus Venture Partners along with a bunch of angel investors.
The company plans to use the new fund to accelerate its AI implementation to enable the development of advanced features and capabilities that improve client project delivery. Its capabilities help its clients in resource management as well as in improving efficiency and productivity.
The company claims that it has tripled its revenue over the past year, with more than 500 customers in 2023. It said that the growth was fuelled by a stronger need for efficiency and cost optimization in professional services teams, as well as more enterprise deployments of software with AI modules. Its customers include OpenGov, LivePerson, Fivetran, Personio, and Zenoti.
“Rocketlane has reshaped enterprise client project delivery, replacing tired, legacy PSA approaches with elegant software and deployment,” said Bhaskar Ghosh, Partner at 8VC.
Meanwhile, Rocketlane has appointed Rao Adavikolanu as chief marketing officer (CMO) of the company. It said that his expertise will be instrumental in driving Rocketlane's market presence and strategic initiatives.
“Rocketlane team has a great opportunity to replace legacy PSA software with their AI roadmap and great user experience. The company has executed this vision with rapid adoption and has solidified its industry-leading position,” said Vikram Vaidyanathan, managing director, of Matrix India.
