In 2020, many businesses pivoted as they quickly scrambled to re-strategize their growth initiatives to maintain or improve their revenue, which provided a huge growth opportunity for Clari. Known as the revenue operations leader, Clari’s platform was able to effectively improve efficiency, predictability, and growth across the entire revenue process for many quick-thinking companies, earning the fintech major clients, and serious backing.
Most recently, the company closed a Series E round at the start of March led by Silver Lake Investment Group. The round raised $150 million, landing the company a $1.6 billion valuation, a figure that is over three times 2019’s Series D valuation of $500 million. Other investors included B Capital Group as well as existing investors Sequoia Capital, Bain Capital Ventures, Sapphire Ventures, Madrona Ventures, Thomvest, and Tenaya Capital. To date, the company has a reported total of $285 million in capital raised. Clari has shared that the investment will be funneled into global expansion, further product development, and doubling its staff of 300 by the end of 2021.
Clari’s unique product, which offers executive teams predictive capabilities with their revenue at a niche and specific level, became an invaluable tool for companies in 2020. Uptake in the product was sudden and steady throughout the year. Speaking on this, Clari’s Co-Founder and CEO, Andy Byrne, said, “For us, the usage metrics were just off the charts, as people need visibility and predictability and control over their revenue forecasts.” In fact, Byrne revealed that Clari beat the revenue plan he’d submitted to his board by 110% thanks to the revenue confidence his product offered clients.
Pivoting was something Clari also did alongside clients in 2020. The company steadily pushed revenue operations innovation forward throughout the year, launching new capabilities and products such as Clari Adaptive Revenue Metrics, Clari Account Engagement, and Clari Relationship Insights. The company has worked with sales and marketing teams to expand the scope of the product to provide the predictability of its service to other parts of clients’ organizations. While it previously focused on technology companies, Clari is also setting its sights on other verticals.
The uniqueness and usefulness of Clari’s product has gained a portfolio of blue-chip clients which include Okta, Workday, Adobe, Zoom, and Finastra to name a few. As it continues to scale and adapt to client needs, Clari will hold its place as a leader in the revenue operations space.
