Rocketlane Raises $24M in Series B to Create a Post-Sales CRM for Professional Services Teams
Rocketlane has announced a $24 million Series B funding round, co-led by 8VC, Matrix Partners India, and Nexus Venture Partners, bringing its total funds raised to $45 million. The company, which provides an AI-powered platform for professional services teams, has tripled its revenue over the past year and boasts over 500 customers, including OpenGov, LivePerson, and Fivetran. Rocketlane's platform aims to replace outdated PSA tools, reducing project delays and enhancing profitability. The new funds will expedite Rocketlane's AI roadmap, adding advanced features to improve client project delivery. The company recently appointed Rao Adavikolanu as Chief Marketing Officer to bolster market presence and strategic initiatives.
- Raised $24M in Series B funding, co-led by 8VC, Matrix Partners India, and Nexus Venture Partners.
- Total funds raised to date: $45M.
- Tripled revenue in the last year.
- Over 500 customers, including high-profile names like OpenGov, LivePerson, and Fivetran.
- AI-powered platform replacing outdated PSA tools, improving project efficiency and profitability.
- Enhanced client project delivery visibility and communication.
- New AI functionalities to be introduced, enhancing resource management and productivity.
- Named G2 Momentum Leader in the PSA category for three consecutive quarters.
- None.
Insights
The infusion of
The company’s reported tripling of revenue over the past year and acquisition of 500 customers, including high-profile names, underscores its robust growth. This is particularly noteworthy in the context of the PSA software market, which is traditionally dominated by legacy systems. Rocketlane's ability to attract significant customers away from these entrenched competitors speaks to its product's perceived superior value proposition.
For retail investors, the emphasis should be on Rocketlane’s revenue growth rate and customer acquisition pace. These metrics will be pivotal in evaluating the company's future potential in terms of market share and profitability. Additionally, the continued support from high-profile investors suggests that Rocketlane is on a promising trajectory, which may lead to further capital raises or an eventual IPO.
Rocketlane’s focus on AI-driven capabilities sets it apart in the PSA market. The integration of AI in streamlining onboarding processes and resource management can significantly improve efficiency and client satisfaction. These innovations could lead to reduced project delays and enhanced productivity, critical for professional services teams managing complex projects.
The launch of new AI functionalities within Rocketlane’s platform is a important development. AI's ability to provide predictive analytics and automate routine tasks can transform how professional services are delivered. This not only enhances the value proposition for existing customers but also makes Rocketlane an attractive option for new clients seeking modern, efficient solutions.
For investors, the technological advancements in AI not only signify Rocketlane's commitment to innovation but also enhance its competitive edge in the market. Monitoring the adoption rate of these new AI features and customer feedback can provide insights into the platform's long-term viability and potential market dominance.
Rocketlane’s growth is reflective of a broader trend in the market towards automation and AI in professional services. The transition from legacy PSA tools to modern, AI-powered platforms like Rocketlane is indicative of a significant shift in industry preferences. This movement towards more integrated, intelligent solutions is driven by the need for greater efficiency and enhanced client engagement.
The company’s recent accolades, including being named a G2 Momentum Leader and securing numerous G2 badges, validate its growing market presence and customer satisfaction. Such recognition can have a positive impact on Rocketlane’s brand perception and market positioning, attracting more customers looking for trusted and innovative solutions.
Investors should pay attention to the competitive landscape and Rocketlane’s ability to maintain its momentum. The ability to continuously innovate and offer unparalleled client experiences will be critical for sustaining growth and achieving a strong market position. Furthermore, the company's strategic hire of a new CMO suggests a focus on expanding market presence, which could drive future customer acquisition and revenue growth.
Rocketlane champions professional services teams, the OGs of after sales experts, with an all-in-one AI powered platform to deliver the promise of sales and removes siloed project management and inefficiencies.
The funding round was co-led by 8VC, Matrix Partners India, and Nexus Venture Partners. With this, it brings the total funds raised to
Rocketlane has broadened its proposition from supporting customer onboarding to doubling down on professional services teams with their needs. Most teams manage their processes using a manual patchwork of siloed PSA tools or spreadsheets. The result is project delays and a hit to profitability. In contrast, Rocketlane gives professional services teams visibility into every aspect of a project — progress made, stakeholders involved, pending/completed tasks, and delayed items, helping teams prioritize tasks that need their attention while creating an avenue for smooth communication with clients.
Over the last year, Rocketlane has tripled its revenue and reached over 500 customers, including enterprise companies that have switched to Rocketlane from legacy Professional Services Automation (PSA) tools. Recent customer wins include industry-leading names like OpenGov, LivePerson, Fivetran, Personio, and Zenoti among others.
Srikrishnan Ganesan, CEO & Co-founder, Rocketlane commented: "Our unique combination of high-velocity innovation and robust capabilities sets us apart, and has helped us consistently win large, forward-thinking customers, including public companies. With this new investment, we are committed to accelerating our AI roadmap and redefining the client portal experience," adding, "We have equipped ourselves to handle the challenges of rapid growth, and continue delivering exceptional value to our clients."
Nav Kalra, VP of Professional Services at OpenGov, a Rocketlane customer said, "In a sea of legacy tools, Rocketlane stands out as a modern, disruptive force in the PSA software landscape with its all-in-one platform. The intuitive interface and unparalleled client-facing experience make managing client projects a breeze. We're thrilled to partner with Rocketlane as we continue to revolutionize the way we work."
A growing segment of the company's customers are in the AI SaaS category. Although onboarding is challenging for any SaaS business, those in AI tend to have more complex deployments, and as a result more complex needs. Rocketlane helps SaaS providers provide an accelerated onboarding journey that holds customers accountable, shortens time-to-value, and helps begin expansion conversations earlier (which increases Net Revenue Retention), right from the first touchpoint.
In parallel, Rocketlane has launched its own AI functionality with more capabilities in the coming months. The new funding will significantly accelerate Rocketlane's AI roadmap, enabling the development of advanced features and capabilities that enhance client project delivery. As enterprises focus more on leveraging AI, Rocketlane's AI-driven capabilities for resource management, efficiency, and productivity are expected to provide a competitive edge.
This growth follows another significant milestone for the company. Rocketlane was crowned the G2 Momentum Leader in the PSA category for three consecutive quarters, in addition to securing 199 other G2 badges in the Spring 2024 report. Today, Rocketlane is the go-to choice for services firms that want to elevate their project delivery experience and optimize their utilization margins.
The company was founded in April 2020 by second-time entrepreneur trio — Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala. Previously, the trio built a successful in-app messaging (FreshChat) startup that was acquired by Freshworks (NASDAQ: FRSH) in 2015 and started Rocketlane in response to problems they faced onboarding their own customers to FreshChat.
"Rocketlane has reshaped enterprise client project delivery, replacing tired, legacy PSA approaches with elegant software and deployment," said Bhaskar Ghosh, Partner at 8VC. "Speed and agility matter when you become the leader in a category like customer onboarding. Rocketlane has achieved precisely that since their Series A, showing themselves to be both visionaries and incredibly hard-nosed executors. We are thrilled to continue supporting Rocketlane and Sri, Deepak, and Vignesh, founders who lead with a rare blend of thought, culture, and action."
Jishnu Bhattacharjee, Nexus Ventures Partners, added: "We are thrilled to double down on backing Sri and the team at Rocketlane as they transform the PSA and customer onboarding categories with their industry-leading, AI-powered product and fast-growing list of marquee customers."
Vikram Vaidyanathan, Managing Director, Matrix India, added: "The Rocketlane team has a great opportunity to replace legacy PSA software with their AI roadmap and great user experience. The company has executed this vision with rapid adoption and has solidified its industry-leading position. We are excited to reinforce our commitment to them."
To date, the company has seen remarkable success with key customers such as Icertis, Drift, Moveworks, and Clari.
Rocketlane customer Siva Rajamani, CEO, Everstage commented: "We have accelerated customer wins by
As part of its growth strategy, Rocketlane is excited to announce the appointment of Rao Adavikolanu as Chief Marketing Officer (CMO). Rao's expertise will be instrumental in driving Rocketlane's market presence and strategic initiatives.
Looking ahead, Rocketlane is committed to attracting more top-tier talent and executing its AI-first roadmap to make onboarding and project deliveries chaos-free. Srikrishnan Ganesan added: "The team is excited about our upcoming innovations–especially the unique AI capabilities and the first-of-its-kind dynamic client portal in this space–that will expand the gap between Rocketlane and the competition".
About Rocketlane
Rocketlane is a purpose-built PSA and client onboarding platform that helps businesses deliver predictable outcomes, accelerate time-to-value, and improve team utilization and project profitability. The platform reimagines service delivery for teams by replacing legacy PSA and generic project tools with an all-in-one and modern client-centric platform. Rocketlane offers a unique, unified workspace that improves communication, collaboration, and project visibility for businesses and their clients. It equips teams with trends and benchmarks across projects, which in turn helps them develop and optimize playbooks and processes. To learn more about Rocketlane, visit www.rocketlane.com.
Contact
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SOURCE Rocketlane
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