Headless CMS company meaningful Today it was announced that the company had raised $ 80 million in E-Series financing, led by Sapphire Ventures, with the participation of General Catalyst, Salesforce Ventures, and several other new and existing investors. Thus, the company raised a total of 158.3 million. meaningful A spokesperson tells me he’s approaching a $ 1 billion valuation.
In addition, the company also announced that it has hired Bridget Perry as its marketing director. She previously led Adobe’s marketing efforts in Europe, the Middle East, and Africa.
Currently, 28% of Fortune 500 use Contentful to manage their content across platforms. The company says it currently has 2,200 paying customers, including Spotify ITV, British Museum, Telus and Urban Outfitters.
Steve Sloan, CEO of the company, who joined the company at the end of last year, explains its success by the fact that almost every business today is in the process of figuring out how to become digital and serve its customers on different platforms – and this is a process that only has the coronavirus pandemic accelerated.
“Ten or fifteen years ago, when these content platforms or content management systems were created, they were: a) really created for a world designed exclusively for the Internet, and b) where the website was an addition to any other business,” – he said. “Today, a mobile application, a mobile web interface is the front door for any business on the planet. And this has never been clearer than in the recent COVID crisis, where we saw many, many enterprises, even those that are very traditional, that have realized that the dominant, and in some cases the only way their customers interact with them. through this digital experience. ”
But as they consider their options, many decide that they don’t just want to take the finished product, Sloan argues, because it does not allow them to create a differentiated offer.
Perry also noted that this is what she saw in Adobe, as she set up her own digital business. “Leading marketers at Adobe, we used it ourselves,” she said. “Thus, the problem that we heard from customers in the market was how difficult it is in some cases to realize, organize around ourselves, quickly establish this experience and see the value and impact on the business. And part of this problem, I think, arose because of the monolithic type “all in one” offered by Adobe. Even as an Adobe marketer, we had problems with such time-to-market and flexibility. And here’s what’s really interesting to me – and one of the reasons I joined Contentful is that Contentful has a completely different approach to this. ”
Sloan noted that pooling the round was a bit of an adventure. Existing Contentful investors turned to the company during the holidays because they wanted to make large investments in the company to ensure its long-term growth. But at that time, the company was not yet ready to attract new capital.
“And then, in January and February, we had interest from people who were not investors yet, who came to us and said:“ Hey, we really want to invest in this company, we saw a trend, and we really believe in this one. “So we went back to our insiders and said,“ Hey, we’re going to think about actually moving in our time frame to raise capital, ”Sloan said. “And then, just at the time when COVID really appeared, especially in Western Europe and North America.”
However, this did not bother Contentful investors.
“One of the things that really stood out in our investors – and especially in our leading investors for this Sapphire round – was that when everyone else was very, very scared, they were really confident in the possibility, in their faith in the team and in their understanding of the progress we have already made. And they really were unshakable in terms of their support, ”Sloan said.
Unsurprisingly, the company plans to use new funding to expand its market entry efforts (which, after all, is why she hired Perry), but Sloan also noted that Contentful plans to invest a lot in research and development, and also hopes to help its customers solve other related problems.