Anaplan has raised $60 million in a new funding round that pushes its valuation to $1.4 billion, up from $1.1 billion.
The new funding marks a keystone moment for first-time CEO Frank Calderoni, a well-known Silicon Valley executive who formerly served as chief financial officer at Cisco and Red Hat.
The funding also indicates the company is heading in the right direction after a prolonged transition period between CEOs last year.
Anaplan, the unicorn startup taking on SAP and Oracle with its cloud-based financial planning software, appears to have resumed its rise.
The company just closed a $60 million funding round from existing investors. The round brings Anaplan’s valuation to $1.41 billion.
That’s not only up from its previous valuation of $1.1 billion, it’s marks a keystone moment for company CEO Frank Calderoni. It’s also a signal that Anaplan is heading in the right direction after a prolonged transition from its last CEO to Calderoni.
Anaplan has now raised a total of $300 million. Its latest funding round, like previous rounds, was led by Premji Invest, the investment fund of Indian billionaire Azim Premji, founder of Indian outsourcing company WiPo. Previous investors Salesforce Ventures and Top Tier Capital also participated in the round.
Anaplan was a venture capital darling in the heady days of 2015 and early 2016. When it raised its last round, it became a unicorn, the name for startups worth $1 billion or more.
But when the tide shifted in early 2016 from free-flowing investment money to tighter funding rounds, lower valuations, and austerity, Anaplan’s CEO, Frederic Laluyaux, a former SAP executive, was out. His departure in April 2016 was a mutual decision with the company, according to the Wall Street Journal.
Anaplan said at the time it wanted a new CEO who would help it grow. It didn’t find what it was …read more
Source:: Business Insider