Venture Capital News: Pipefy Receives $16M Series A Financing
SAN FRANCISCO, CA, Pipefy today announced $16 million in Series A funding led by OpenView.
Pipefy, an operations excellence platform to rapidly deploy efficient back-office processes without IT support, today announced $16 million in Series A funding led by OpenView, the expansion stage venture firm, and Trinity Ventures. Existing investors Redpoint Ventures and Valor Capital participated in the new round. Other seed investors include 500 Startups, Founders Fund and the founders of Zendesk, Morten Primdahl and Alexander Aghassipour. The new funding will be used to scale the company's operations as Pipefy quickly expands its teams in both San Francisco and Brazil.
"We're building a category-defining company," said Alessio Alionco, founder and CEO of Pipefy. "Our vision is to empower every manager in an organization to create and execute their own custom workflows without needing technical skills. By enabling rapid process management, our customers can respond quickly to fast-changing dynamics and ensure high-quality execution."
Pipefy's cloud-based platform powers the operations of more than 8,000 companies ranging from small businesses like San Francisco-based Dandelion Chocolates, to venture-backed startups including Pandadoc and Safety Culture, to large enterprises like Accenture, IBM Santander and Wipro. It's designed to ease the slow, costly and often painful steps that many business managers face. With Pipefy, new operations processes for departments like customer service, HR, finance, marketing and sales can be rolled out in hours or days without IT holdup.
"The CEO and founder's passion and product vision are easy to root for," said Dan Demmer, Managing Partner at OpenView who joins Pipefy's Board of Directors. "We're excited to work with Alessio and the rest of the growing Pipefy team to build on the early success they've seen so far in the shift to no-code business process management."
Pipefy is addressing a $7+ billion global market for business process management (BPM) that is expected to reach more than $23 billion by 2024, according to Grand View Research. By "consumerizing" back-office operations used by every business on the planet, Pipefy has grown incredibly fast and now serves customers in 146 countries. Once it's been introduced to a company, employees adopt it fast with a 10-percent average monthly growth rate.
"It's hard to create a great product experience in this market due to the significant complexities of internal business operations. Pipefy has managed to build a beautiful product that puts the end-user first and gets straight to the heart of the business problems they're solving," says Dan Scholnick, Trinity Ventures general partner. "Thousands of customers around the world have spoken with the time and money they spend each day on Pipefy."
For years, business managers and IT departments have fought to prioritize valuable IT resources. While the business side has tried to use technology to make processes more efficient, doing so has left them at the mercy of IT which must champion and implement any changes.
"Pipefy revolutionized the way we see and build our processes at Accenture Operations," said Fabiano Guastela, digital transformation manager at the leading professional services firm. "Its flexibility and ease of use has allowed us to improve our productivity and quality of delivery."
Pipefy removes a long-time struggle between operations managers and IT by putting the power back in the hands of the subject-matter experts to manage complex business processes where speed to value is critical. Its platform enables agile process management by allowing the business to control workflows themselves.
Pipefy is a global SaaS company that provides an operations excellence platform that empowers business-operations managers to orchestrate and rapidly deploy new processes without relying on IT for implementation. Its self-service platform features an easy-to-use, intuitive interface and department-specific templates to get new processes up and running in just minutes and roll them out to the workforce much more quickly, efficiently and with less cost.
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