SteelBrick Raises $18 Million in Series B Funding and Enhances CPQ Software to Improve Sales Processes for Businesses Worldwide
Company releases Winter ’15 update to expand CPQ feature set and deliver a more dynamic user interface, allowing its customers to increase sales and eliminate errors
San Mateo, Calif. — February 5, 2015 — SteelBrick, a fast-growing provider of configure, price, quote (CPQ) applications, today announced that it has closed an $18 million Series B led by Shasta Ventures with participation from existing investorsEmergence Capital, SteelBrick’s leadership team, and new investor Salesforce Ventures. In total SteelBrick has now raised $30 million over the past twelve months. SteelBrick will use the funding to further scale its software development, sales, marketing and service and support teams to drive growth and innovation on cloud and mobile platforms.
SteelBrick helps nearly two hundred high-growth companies produce accurate sales quotes and capture orders on the fly via cloud and mobile devices. These companies include “unicorns” Cloudera, Nimble Storage, Nutanix, and HootSuite, as well as smaller, fast-growing companies such as Tripwire, Bentley Mills, NetMotion Wireless and BlueCat Networks. By deploying SteelBrick CPQ, customers increase sales productivity, eliminate errors, ensure accurate pricing and grow order value by cross-selling. SteelBrick CPQ is built and delivered natively on the Salesforce1 Platform, making the product substantially easier to deploy than legacy CPQ solutions, enabling sales people to close deals faster without ever leaving Salesforce, while automatically keeping their opportunity pipelines and forecasts up to date.
“New mobile and cloud technologies are transforming how companies sell their products,” said Jason Pressman, partner at Shasta Ventures and new SteelBrick board member. ”With its unique technology, proven leadership team, and incredible business momentum, SteelBrick is in a commanding position to lead the consumerization of B2B selling.”
“Salesforce’s ecosystem includes a broad range of visionary partners that help us extend the value of the Salesforce1 Platform, the world’s #1 CRM company,” said Ron Huddleston, senior vice president, global AppExchange and partner programs, Salesforce. “I am very excited about SteelBrick as they have quickly delivered very innovative products that are already making our joint customers successful, and we think they have a very bright future ahead in the quickly growing CPQ space.”
SteelBrick is already delivering accelerated innovation by releasing its new Winter ‘15 CPQ product that includes over 20 major new features. More than 80 percent of the new features were sourced from customers using the SteelBrick Ideas platform. The Winter ’15 update expands SteelBrick’s ability to handle very large, complex quotations, as well as delivering better guided selling and a more dynamic drag and drop user interface. SteelBrick CPQ Winter ‘15 is immediately available to all SteelBrick customers for cloud and mobile deployment.
“The last 12 months have been a break-out year for SteelBrick,” said Jason Green, general partner at Emergence Capital and SteelBrick board member. “The company has quintupled bookings, grown its team by 10x by adding proven talent from cloud leaders, and delivered groundbreaking new cloud and mobile selling solutions for its rapidly growing customer base.“
To learn more about SteelBrick and to get SteelBrick CPQ Winter ’15, visit www.steelbrick.com/cpq-software.
Salesforce, Salesforce1 and others are trademarks of salesforce.com, inc.
SteelBrick provides high-growth customers with next generation Configure Price Quote (CPQ) apps that are 5 to 10 times faster and easier to deploy than traditional CPQ applications. SteelBrick CPQ is built on the Salesforce1 Platform, so users can create accurate sales quotes quickly and submit error-free orders on the fly from any device. For more, go towww.steelbrick.com.
About Salesforce Ventures
Salesforce Ventures—Salesforce’s corporate investment group—invests in the next generation of enterprise technology to help companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world’s largest cloud ecosystem and the guidance of Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage the expertise of the Salesforce Foundation to incorporate its 1-1-1 model of integrated philanthropy to make giving back part of their business model. Salesforce has invested in more than 100 enterprise cloud startups since 2009. For more information, please visit www.salesforce.com/ventures.
About Shasta Ventures
Shasta Ventures is a boutique, early-stage venture firm investing its fourth fund in consumer technology and enterprise start-ups. Shasta aims to partner with bold, creative entrepreneurs who have exceptional instincts and insights into the needs, desires and behaviors of the people who use their products. The firm is based in Menlo Park and San Francisco, California. Shasta Ventures has supported the founders of dozens of successful companies, including: Anaplan, Apptio, Crittercism, Lithium, Mint, Nest, Nextdoor, Turn, Zenprise and Zuora. For more information, please visit www.shastaventures.com, or follow us on Twitter at @shasta.
About Emergence Capital Partners
Emergence Capital Partners (@emergencecap), based in San Mateo, Calif., is the leading venture capital firm focused on early and growth-stage enterprise cloud companies. Its mission is to invest in the cloud visionaries who are building the most important business applications. The firm’s investments include companies such as Salesforce.com (CRM), SuccessFactors (SFSF, acquired by Oracle), Veeva Systems (VEEV), Yammer (acquired by Microsoft), Box (BOX), and Lithium. More information on Emergence Capital can be found at http://www.emcap.com.
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