Klipfolio Raises $6.2 Million, Proves It's Never Too Late To Act Like A Startup
Klipfolio, a company that's focused on disrupting the cloud dashboard market, waited 13 years to raise $1.7 million. After fulfilling its goals for 2014, the company decided to continue behaving like a startup.
"We raised the seed round last February," Allan Wille, co-founder, president and CEO of Klipfolio, told Benzinga. "And that was sort of the early days when we were testing the initial product pitch. We were investing in infrastructure. We were investing in automation. We were basically coiling up, ready to explode out of the block, and that's what happened last year."
Wille said that Klipfolio used the previous investment to propel its growth.
"We had a great year," he said. "We more than doubled our user base. We went from 1,100 to 2,500 paying customers by the end of the year. We also tripled our monthly subscription revenue. This was all part of the plan. It was a 12-month plan where, let's take the seed round funds, let's prep (make sure we're ready for scale), then go to market again."
The stars -- and more importantly, several key metrics -- were aligned for Klipfolio. This inspired the company to keep going and raise $6.2 million in a Series A. Led by OMERS Ventures, the round includes BDC Capital, Mistral Venture Partners, Fundfire, BOLDstart Ventures, Acadia Woods and CommonAngels Ventures.
Klipfolio hopes that the latest investment will allow it to continue accelerating through the next 18 to 24 months.
"Again, just with the initial funding during the seed round, the idea here is to follow the numbers again," said Wille. "If this takes us to profitability or if this takes us to the next round after that, that will be depending on what our metrics are telling us."
Wille said that Klipfolio is preparing for "really aggressive growth."
"We want to continue that same growth rate," he said. "We want to hit 5,000 paying customers by the end of the year. We also want to continue to triple our monthly subscription revenue. We want to continue on that 3X growth pattern. We actually want to continue that right through the end of 2016. We want to further take that and go out to 15,000 customers by the end of 2016. We want to continue to triple our MRR (monthly recurring revenue) by the end of 2016 as well."
Klipfolio has already attracted a number of prominent clients, including Adobe Systems Incorporated (NASDAQ: ADBE), Yahoo! Inc. (NASDAQ: YHOO), LinkedIn Corp (NASDAQ: LNKD), Intel Corporation (NASDAQ: INTC), BMW and IKEA. Benzinga is also a client.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
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