Productiv Raises $45M to Accelerate SaaS-Driven Business Transformation
31/03/2021
Palo Alto, CA - Mar. 31, 2021 - Productiv, the leading SaaS Management Platform, today announced it has closed a $45M Series C funding round led by IVP with additional participation from existing investors Accel, Norwest Venture Partners, Okta Ventures, and new strategic investor Atlassian Ventures. In conjunction with the financing, Steve Harrick of IVP will join the Productiv Board of Directors.
This latest financing brings the company's total funding raised to $73M and underscores continued momentum. During the last year, Productiv has more than tripled revenue and doubled its headcount, added an impressive roster of enterprise customers including DocuSign, Kayak, PagerDuty, SentinelOne, Robinhood, and GlobalLogic, and welcomed technology industry veteran Aashish Chandarana as Chief Information Officer.
CIOs today struggle to spread their time, effort, and budget between supporting an ever-expanding and complex SaaS portfolio and working on transformative business initiatives. The unstoppable uptake of SaaS applications means that finding an effective balance between both priorities is not sustainable-at least in its current form. Productiv gives CIOs actionable insights and intelligent recommendations, enabling them to focus on real, measurable business outcomes. By distilling previously scattered information into a single pane of glass, Productiv helps enterprises understand exactly how their employees are using SaaS. Better usage and adoption data coupled with customizable automation of everyday tasks allow CIOs and their teams to focus on the projects that actually grow their business.
We're solving a problem that every company faces today: an explosion in the number of SaaS applications in use-always hundreds, sometimes thousands-with more and more purchased outside of IT. Managing all of these applications is overwhelmingly complicated in breadth and depth: from securing, provisioning, and renewing apps to answering questions of am I getting fair business value from each', said Jody Shapiro, founder and CEO, Productiv. And that's not even addressing the more important question, which is about the larger employee experience-as an IT leader, am I truly enabling collaboration and productivity across the entire organization? The answers to all of these questions is via data, analytics, workflows, and automation, and that's what we do at Productiv.
The all-remote workforce has accelerated companies' SaaS adoption during the last year, with businesses working to enable their employees to collaborate, communicate, and connect. Gartner projects that by 2022, global SaaS spending will reach nearly $140 billion, up from just over $100 billion in 2020. As a result, CIOs struggle to create an effective digital employee experience while properly managing their enterprise SaaS footprint.
CIOs are constantly bogged down with operational, transactional work and app-by-app management that quickly becomes unsustainable, said Steve Harrick, General Partner at IVP. Productiv was founded to offer CIOs a comprehensive, central source of truth that includes the data and workflows needed to unlock the value hidden in the business's sprawling set of applications. Productiv puts the CIO back in the driver's seat and empowers today's agile businesses to make coordinated, cost-effective, and data-driven SaaS management choices.
From enabling data-driven forecasting and budgeting, to improving our security posture, to driving intelligent license automation through no-code workflows, Productiv touches every aspect of our SaaS process. said Brian Hoyt, CIO at Unity. With Productiv as our collaboration hub for SaaS, we've already seen marked improvements in collaboration across many teams and have seen further impact on employee experience and efficiency.
Productiv provides real-time application usage data for better visibility to understand the effectiveness of our applications for our employees, said Milind Wagle, CIO at Equinix. With Productiv's highly customizable workflows, we've been able to automate some of our most complex and tedious license provisioning needs based on actual employee usage patterns, leading to material savings and dynamic license allocation. This ensures our employee experience is second-to-none while also staying capital-efficient-two key priorities for our business.
About Productiv
Productiv is the data-driven, enterprise SaaS management platform for the modern CIO. Companies like Fox, Uber, and Zoom use Productiv to create a system of record for their SaaS portfolios with the most detailed view into how software is actually used. With robust data and insights, IT is able to unlock new transformational change for their organizations while more efficiently executing on day-to-day operations. Founded in 2018 and backed by Accel, IVP, and Norwest Venture Partners, we are on a journey to transform how you think about SaaS and the impact it can have on your organization.
About IVP
Founded in 1980, IVP is one of the premier later-stage venture capital and growth equity firms in the United States. IVP has invested in over 400 companies with 116 IPOs. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. IVP investments include such notable companies as AppDynamics (CSCO), Coinbase, Compass, CrowdStrike (CRWD), Datadog (DDOG), Discord, Dropbox (DBX), GitHub (MSFT), Glossier, Grammarly, HashiCorp, Hims & Hers (HIMS), HomeAway (AWAY), Hopin, Klarna, LegalZoom, Looker (GOOGL), Marketo (MKTO), MasterClass, Mindbody (Vista), MuleSoft (CRM), Netflix (NFLX), Personal Capital (Empower), Podium, Rubrik, Slack (WORK), Snap (SNAP), Supercell (Tencent), Tanium, Twitter (TWTR), UiPath, Wise, Ye
LINK: | https://www.ivp.com/news/press-release/productiv-raises-45m-to-acceler... |
See more stories from ivp |
More from IVP
21/02/2023
Scaling Your Product Organization
Part 1: Hiring Scaling a business for long-term success is hard - and so is finding the guidance, insight and lessons learned by those who have done it successf...
11/01/2023
DeepL: A step change in AI-powered language translation
By Eric Liaw, Karthik Ramakrishnan, Ajay Vashee and Albert Zhang, on behalf of IVP As our world becomes more interconnected, demand for high-quality language t...
02/11/2022
Roam, The Future of Remote Work
By Jules Maltz, Dennis Phelps and Shreyas Garg The shift to remote work and a geographically dispersed workforce has given companies and employees greater flex...
18/10/2022
Jasper: This Blog Post (Mostly) Wrote Itself
By Karthik Ramakrishnan, Jules Maltz, Ajay Vashee, Michael Miao and Joanne Shang, with help from Jasper.ai Every day, billions of people start their workdays t...
29/09/2022
Pigment: The true colors of next-gen business planning
By: Ajay Vashee, Somesh Dash, Michael Miao, James Black Business growth is often a function of planning and forecasting - financial, resource, product, sales, ...
15/08/2022
IVP in the Wall Street Journal: Navigating Tech Hiring
After a period of record growth, the tech sector's hiring spree seems to be coming to a close. Rising inflation and slowing demand for tech products are lea...
29/07/2022
7 Ways Founders Lead in Uncertain Times
By Somesh Dash The bear market is roiling venture capital, but the people feeling the most pressure nowadays are founders and CEOs seeing their terms change, v...
29/07/2022
Why I stopped writing, and how I found my voice again
By Cack Wilhelm Writing my way made me a better investor and partner to founders Writing, like running, is often used as an example of operating in a flow sta...
28/07/2022
BreakLine Education and IVP Team Up to Advance High Performing Talent in High Growth Companies
We are thrilled to announce a first-of-its-kind partnership between BreakLine Ed...
06/06/2022
Why you should pledge 1%
IVP recently convened a virtual roundtable of founders and CEOs to learn more about Pledge 1% and consider joining the thousands of companies that have already ...
24/05/2022
The Data Doesn't Lie: Monte Carlo and the Future of Data Observability
By Jason Kong, Cack Wilhelm, Karthik Ramakrishnan, Somesh Dash, and Tom Loverro We're thrilled to announce our investment in data observability company Mo...
03/05/2022
Traceable AI: A Revolutionary Approach to API security
By: Steve Harrick, Somesh Dash, Michael Miao, and Shreyas Garg Application Programming Interfaces (APIs) are at the forefront of software communication, workin...
19/04/2022
SEON: Kicking Fraud's Butt
By Michael Miao, Karthik Ramakrishnan, Jules Maltz, and Eric Liaw Cat and Mouse The cartoon classic Tom and Jerry tells the story of two lifelong adversari...
18/04/2022
Clipboard Health: Doing Well by Doing Good
By: Louisa Xu, Army Tunjaicon, Jules Maltz, and Tom Loverro Not many founders dedicate their lives to lifting people up the socioeconomic ladder. Wei Deng i...
14/04/2022
Obsidian and an Industry Shift
By Somesh Dash, Joanne Shang, Shreyas Garg and Cack Wilhelm IVP is proud to announce our investment in Obsidian Security, the first truly comprehensive securi...
08/03/2022
IVP stands with Ukraine
We have been shocked to witness the Russian government's horrific invasion of Ukraine unfold. At IVP, we stand in solidarity with Ukraine and condemn Russia...
14/02/2022
Inspirato: Reimagining Luxury Travel
By Todd Chaffee Today we are honored to congratulate CEO Brent Handler, President David Kallery, and the entire team at Inspirato on a successful public listi...
07/02/2022
The Starting Line
A post by Cack Wilhelm There is a Silicon Valley maxim often shared with entrepreneurs entering their public debut: the IPO is not the conclusion. It is the st...
07/02/2022
IVP Promotes Cack Wilhelm to General Partner
Menlo Park, CA - February 7, 2022 IVP, a seasoned, trusted, and understated partner for many of the technology industry's fastest-growing companies, is p...
22/12/2021
Cack Wilhelm Named on the GrowthCap's Top 40 Under 40 Growth Investors of 2021 List
Menlo Park, CA December 22, 2021 IVP is pleased to announce that Cack Wilhel...
16/12/2021
IVP 2021 in Review - Breakout Performance with 15 IPOs and $1.8 Billion Fund to Serve Hypergrowth Companies
Menlo Park, CA - December 16, 2021 - IVP shared a summary of key milestones for ...
16/12/2021
Found raises $100M in Series B funding led by WestCap
In addition to new funding, Found welcomes Chief Medical Officer and Chief Behavioral Health Officer San Francisco, CA December 16, 2021 Found, the modern ...
16/12/2021
Found: It's not just about what you lose, it's about what you find
By Jules Maltz, Joanne Shang, and Eric Liaw IVP is excited to announce our investment in Found, a digital-first weight care management company. At IVP, we are ...
14/12/2021
IVP's Hypergrowth Stories: How Attentive Changed the Conversation Between Companies and Customers
In IVP's Hypergrowth Stories series, CEOs of the fastest-growing companies s...
09/12/2021
HashiCorp: The Dawn of HCP
By Tom Loverro, Sandy Miller, Steve Harrick, and Michael Miao Congratulations to HashiCorp CEO Dave McJannet and founders Mitchell Hashimoto and Armon Dadgar a...
18/11/2021
Grammarly Reaches $13B Valuation With New Funding Round to Accelerate Communication Assistance Market Leadership
$200M round, including new investors Baillie Gifford and funds and accounts man...
16/11/2021
H1 Raises $100M Series C to Expand Footprint, Make H1 the Central Healthcare Professional Data Network for Global Healthcare Community
Led by new investor Altimeter Capital, round will help H1 increase velocity of g...
16/11/2021
IVP's Hypergrowth Story: How Amplitude Became the #1 Product Analytics Company and Will Optimize Digital Business
In IVP's Hypergrowth Stories series, CEOs of the fastest-growing companies s...
16/11/2021
IVP's Hypergrowth Stories: How Amplitude Became the #1 Product Analytics Company and Will Optimize Digital Business
In IVP's Hypergrowth Stories series, CEOs of the fastest-growing companies s...
15/11/2021
Podium Raises $201M in Series D Funding to Accelerate the Digital Evolution for Local Businesses
Additional Funding to be Invested Towards Future Growth and Innovation to Suppor...
11/11/2021
From #lovelulus to LVLU Lulus Goes Public!
By Jason Kong, Eric Liaw and Jules Maltz Today we are honored to congratulate the fashionable and amazing team at Lulus on a successful IPO. This marks the 129...
08/11/2021
Nextdoor: The Neighborhood Network
By Jules Maltz Today, we're honored to congratulate Sarah Friar and the entire team at Nextdoor on its successful public listing. Neighbors rely on Nextdoo...
04/11/2021
Yellowbrick Data Raises $75M in Series C1, Sees Adoption of Its Cloud Data Warehouse Accelerating
Yellowbrick adds investment as it attracts host of new enterprise customers to t...
04/11/2021
NerdWallet: Financial Empowerment? Turn to the Nerds
By Tom Loverro, Jules Maltz, Eric Liaw and Cack Wilhelm We're thrilled to congratulate Co-Founder & CEO, Tim Chen and Co-Founder, Jake Gibson, and the ent...
25/10/2021
IVP's Hypergrowth Stories: How Grammarly Got to 30 Million Daily Active Users
In IVP's Hypergrowth Stories series, CEOs of the fastest-growing companies s...
21/10/2021
FTX Trading Ltd. Closes $420 Million Series B-1 Funding Round
This Financing Round Raises the Company's Valuation to $25 Billion Nassau, Bahamas Oct. 21, 2021 FTX Trading Ltd. ( FTX or the Company ), owner and o...
19/10/2021
Aiven Achieves $2B Unicorn Valuation with its Series C Extension
Aiven's existing investors increase capital investment to double down the company's exponential growth and global open source innovation Helsinki, Finl...
14/10/2021
Tala Raises $145 Million Series E to Become Largest Financial Platform for the Global Underbanked
The round will fuel the rollout of new mobile-first account services and crypto ...
07/10/2021
Ajaib: Democratizing Investments in Southeast Asia
By Army Tunjaicon, Cack Wilhelm, Eric Liaw, Jules Maltz, and Louisa Xu One of the first lessons taught in Finance 101 is the value of compounding. According to...
29/09/2021
Amplitude: Making an Increasingly Digital-First World a Better Place
By Somesh Dash, Tom Loverro, Jules Maltz and James Black Today, at IVP, we are thrilled to congratulate Spenser Skates, Curtis Liu, Jeffrey Wang and the entire...
22/09/2021
Sorare raises $680M Series B to create the next sports entertainment giant leveraging NFTs
The round is led by SoftBank, with participation from Atomico, Bessemer Ventures...
22/09/2021
Sorare: The Next Generation of Fantasy Sports
By James Black, Eric Liaw, and Tom Loverro Today, IVP is proud to announce our investment in Sorare, the leader in global fantasy football powered by NFTs. We ...
13/09/2021
Papaya Global Raises $250 Million in Series D Funding at $3.7 Billion Valuation
Announces DEI Dashboard to Support Social Responsibility Tel Aviv, Israel & New York, NY September 13, 2021 Papaya Global, the industry-leading workforce m...
01/09/2021
Checkr Raises $250 Million at $4.6 Billion Valuation to Build Hiring Infrastructure for the Future of Work
San Francisco, CA September 1, 2021 Checkr, a leading HR technology company ...
30/08/2021
WHOOP Raises $200 Million Financing Led by SoftBank Vision Fund 2 at $3.6 Billion Valuation
Boston, MA Aug. 30, 2021 WHOOP, the human performance company, today announc...
30/08/2021
IVP Adds Shreyas Garg and Joanne Shang as New Investors to the Team
Menlo Park, CA - August 30, 2021 - IVP, a premier later-stage venture capital and growth equity firm, is pleased to announce two new additions to its investment...
25/08/2021
Cribl Raises $200M in Series C Funding on Traction with Global Enterprise Customers, Vision to Unlock Value of all Observability Data
Cribl is driving an Open Ecosystem of Data for enterprises; Flagship observabi...
25/08/2021
Cribl: Observing the Right Trend
By Cack Wilhelm, Jason Kong, Army Tunjaicon, Eric Liaw, and Tom Loverro We have just, today, announced a Series C investment in Cribl, and we are excited to sh...
12/08/2021
TaxBit Raises $130M Series B at $1.33B Valuation to Disrupt Legacy Tax Information Reporting
Dozens of financial institutions commit to real-time tax center solutions Salt ...
12/08/2021
TaxBit The Most Fun We've Ever Had Talking About Taxes
By Tom Loverro, Ajay Vashee, Eric Liaw, and James Black Today, IVP is proud to announce our investment in TaxBit, the leading tax and accounting software provi...