Welcome to the 50th edition of the SaaS weekly roundup – your weekly guide on everything that’s happening in the fast-paced world of SaaS. While it may seem like things would slow down towards the end of the year, it can’t be further from the truth. So without any further delay, here’s a rundown of the major happenings in the last week.
Table of Contents
News of the week
HashiCorp shares rise after one of top software IPOs of 2021 values company at over $14billion
Cloud infrastructure company HashiCorp went public last week. Its shares rose by about 10 percent, helping it reach a $14billion valuation. Trading under the symbol HCP, the offering raised $1.22billlion for the company – making it the fourth-biggest US IPO for a SaaS business.
Atlassian Marketplace crosses $2billion in sales, helping to build a richer cloud ecosystem
Atlassian’s Marketplace – launched almost 10 years ago – has crossed $2billion in sales. Featuring 5,300 apps and integrations with Atlassian products, the Marketplace saw 600 apps developed in just the last 12 months amidst the pandemic.
Razorpay looks to double down on SaaS offerings with new products
Razorpay, one of the largest payments companies in India, has launched three new SaaS-based solutions for startups and small businesses. These include Razorpay Magic, which lets shoppers prefill their info such as address and preferred payment options on the merchant’s checkout page. Then there’s RazorpayX Tax Payment Suite which will help businesses to automate tax payments.
Earnings corner
Oracle beats Q2 results with cloud revenue up 22 percent
Oracle managed to beat market expectations as its quarterly revenue reached $10.4billion, up 6 percent y-o-y. Its cloud revenue saw 22 percent growth to reach $2.7billion.
MongoDB shares jump as revenue growth accelerates
Shares of database software maker MongoDB increased by as much as 18 percent after it announced its Q3 results. It achieved $226.9million in revenue vs analysts’ expectations of $205.2million in revenue. MongoDB also raised its projections for the entire 2022 with revenue ranging between $846.3 and $849.3million.
Coupa reports $185.8million in revenue for Q3
Business spends management software Coupa announced better-than-expected quarterly revenues of $185.8million – which increased 40 percent year-on-year. In the fiscal year 2022, it’s expecting the revenue to be between $717 and $718million
SaaS companies that got the funding this week
Genesys gains $21billion valuation in latest funding round
Call center software company Genesys has received a significant fund infusion of $850million. Led by Salesforce Ventures, the company is now valued at $21billion.
Accounts payable automation startup Tipalti raises $270million, quadruples valuation to $8.3billion
Accounts payable company Tipalti has closed a $270million funding round, giving it a valuation of $8.3billion. The Series F funding round was led by G Squared, and will be utilized towards global expansion and hiring across product, engineering, sales, and marketing.
SaaS startup Mambu closes €235million funding deal at €4.9billion valuation
Banking platform Mambu has raised €235million in Series E funding, making it one of the most valuable European SaaS companies. Led by EQT Growth, it’s now valued at €4.9billion. The amount will be used to speed up its expansion plans.
Durham startup ServiceTrade lands $85million investment, sets a goal of $100million in revenue
Automation software for commercial services businesses like electricians and plumbers – ServiceTrade – has nabbed $85million led by JMI Equity. Founded in 2012, the startup is aiming to reach $100million in revenue and will also be using the funding for hiring.
SoftBank to invest $50million in SaaS company SenseHQ
HR tech startup SenseHQ has gotten $50million in funding from Softbank Vision Fund 2. The amount will be used to ramp up its go-to-market strategy and for marketing in the industries that are hiring at scale.
IPaaS provider nabs $48million to grow its process automation
Celigo is an IPaaS provider that helps automate business processes across the organization. It has announced a $48million Series C funding round. Led by OMERS Growth Equity, Celigo has raised $80million in total, though it’s competing against well-funded players like Workato and Tray.io.
SaaS startup MoEngage raises $30million led by Steadview Capital
Marketing automation software MoEngage has closed a $30million funding round led by Steadview Capital. While the company didn’t disclose its valuation, it has doubled to about $500million.
Related read: Interview with Suraj Dubey, Head – Growth Accelerator Program at MoEngage
Must reads
Customer success: leading growth beyond contract close
Indian SaaS companies are poised to reach $30billion in revenue: Report
Listen to
A $100million ARR pivot from platform product to vertical apps with Treasure Data’s CEO, Kazuki Ohta
Pivots aren’t an easy thing to pull off, yet Treasure Data has been managed to do that successfully. It started as a big data platform company, but then pivoted to a Customer Data Platform. In this podcast, its CEO Kazuki Ohta shares his journey and why they choose to pivot among other things.
The dangers of building a SaaS on someone else’s platform – with Jordan Gal
Jordan Gal started a checkout optimization platform dubbed CartHook for Shopify, helping merchants get better conversions. And while the startup kept on growing, Shopify pulled the plug on the working of such tools. In this podcast, its co-founder Jordan Gal shares his experience of growing CartHook, and what he’s trying to do differently with Rally – a headless checkout platform for e-commerce merchants.
Watch
Expensify: product-led growth at $200,000,000 in ARR!!
Expensify is an expense management software that’s focused on SMEs, yet has an app that could be used by anyone intuitively – helping it ride on the PLG trend. In this video, host Jason Lemkin breaks down how the company has continued to grow.
