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Founded in 2012, Introhive is the fastest growing B2B revenue acceleration solution, recently recognized as a category leader in sales intelligence and data quality management software by G2 Crowd, a top 10 fastest growing technology company in Deloitte’s Fast 50 Awards three years in a row, and the MarTech 2020 Breakthrough Award winner for Best CRM Innovation.
Introhive has grown quickly to 350+ employees with 10 global office locations, supporting 250,000+ customers in over 90 different countries around the world.
After Nearly Doubling Revenue During COVID Pandemic, Introhive Raises $121.3 Million CAD
Introhive is joining a rarified class of tech stars in New Brunswick, with one of the largest-ever private funding raises in the Atlantic region.
Fredericton-based Introhive Services Inc. has secured US$100-million in funding led by U.S.-based tech financier PSG Equity and represented by Bank of America Securities. The Business Development Bank of Canada (BDC), Aegis Group Partners, Evergreen Coast Capital and MAVAN Capital Partners are also participating in the round.
Tech financings of this size are rare in Atlantic Canada, but startups in the region have attracted attention from large U.S. financiers in the past. Just over decade ago, Fredericton’s Radian6 Technologies, an enterprise software developer like Introhive, sold to Salesforce for a combined US$326-million in cash and stock, putting New Brunswick on the map as a producer of valuable tech startups.
This sizable raise comes after a year of growth for Introhive, which claims the COVID-19 pandemic highlighted the market need for its offering. With the funding, the company plans to accelerate its growth and prepare to eventually go public.
Introhive surpassed US$20-million in annual recurring revenue last year, Mr. Glidden said, and he expects the company to reach the US$100-million mark in the next 2 1/2 years. The company has nearly a quarter of a million users on its platform around the world, and serves clients such as accounting giant PricewaterhouseCoopers and real estate brokerage Colliers international.