SaaS customer relationship management startup files Freshworks files for IPO

Software-as-a-service client relationship management startup Freshworks Inc. filed its documents Friday evening with the U.S. Securities and Exchange Commission for an initial public offering.

The company is looking to list on the Nasdaq Global Select Market and is looking to raise $ 100 million through the sale of Class A shares.

Founded in 2010, Freshworks was initially known as Freshdesk and provided support software for customer support teams. As reported when it raised $ 150 million in late stage funding in 2019, the company has come a long way since then, expanding to offer additional products to sales, marketing and resource management teams. human.

Renamed Freshworks in 2017, the company promotes itself as an innovative customer management engagement software for businesses of all sizes to make it easier to acquire, close and retain customers for life.

Freshworks claims to have 50,000 customers in 120 countries. Notable customers include Bridgestone Corp., Delivery Hero SE, ITV plc, OfficeMax, Vice Media, TaylorMade Golf Co., Cisco Systems Inc., UK National Services and Honda Motor Co. Ltd.

Tejas Bhandarkar, Product Manager at Freshworks, along with Bratin Saha, Vice President and General Manager of Amazon Web Services Inc., spoke to theCUBE, SiliconANGLE Media’s mobile video studio, in December 2019 about how the company uses AWS (below).

“The primary focus we’ve always had is to deliver the right experiences that have a real impact on end users for those particular functional use cases around marketing, sales, support and customer success,” Bhandarkar said at the time.

Freshworks is also deploying machine learning, Bhandarkar noting that the company is building applications around functional use cases that require machine learning assistance.

“We now have thousands and thousands of these ML models that we have built to address specific points of this particular client,” Bhandarkar pointed out. “And then it’s not just a matter of building it; it’s also about keeping it going, making sure it stays relevant and fresh, etc.

When it went public, Freshworks raised $ 484 million, according to data from Crunchbase. Investors include Accel, Sequoia Capital, Tiger Global Management, CapitalG, and Steadview Capital.

Photo: Freshworks / Facebook

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Joseph P. Harris