Market intelligence startup Crunchbase Inc. today revealed it has raised $50 million in new funding to accelerate product innovation and deepen relationships with dealmakers in sales, marketing, finance, recruiting and executive leadership roles.
Alignment Growth led the Series D round, with OMERS Ventures, Mayfield and Emergence Capital also participating. Including the new funding, Crunchbase has raised $106.5 million to date.
Founded in 2007 as part of TechCrunch before being spun off as a standalone company in 2015, Crunchbase at its core features profiles of startups with information about their funding rounds, executives, investors and other key details.
In 2022, Crunchbase has evolved beyond offering a database that records basic company information and background alone and now offers account-based prospecting software. The software enables prospectors in sales, recruiting, business development and finance to find and engage with qualified accounts while simultaneously creating awareness for companies that want to be discovered.
Since last raising funding in 2019, Crunchbase now offers features to guide prospectors throughout their workflow, including improvements in account identification, pipeline generation, email open rates and meeting booking volume. New product capabilities that power these results include account discovery, qualification, tracking and prospect engagement. The service facilitates connections with leads directly on Crunchbase with newly added contact data, contact search, outreach integration, Gmail integration and auto-generated email templates.
Crunchbase attracts more than 75 million unique visitors annually and recently surpassed 60,000 paying customers, with more than half of the Fortune 500 and thousands of small to medium-sized enterprises represented. The company has seen a five times year-over-year increase in new recurring revenue in the first quarter of 2022 and total software aggregated recurring revenue is on track to double by the end of the year, both off undisclosed bases.
“It’s more important than ever for businesses to tap into account-based intelligence for their prospecting, whether they’re selling, investing, or fundraising,” Jager McConnell, chief executive officer of Crunchbase, said in a statement. “With fast-changing market conditions, prospectors can’t rely on spamming contact lists to hit quota… they need a targeted approach that starts with finding qualified accounts and ends with compelling outreach to the right decision-makers — that’s exactly what our customers do on Crunchbase.”
Crunchbase also has several upcoming product improvements in its pipeline, including expanded third-party integration to embed Crunchbase more deeply in existing prospecting workflows. Enhancements to actionable machine-learning powered recommendations, new data that delivers insights only available on Crunchbase and reporting tools to quantify customers’ return on investment are also planned.
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