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Rocketlane Secures $24 Million in Series B Funding to Fuel Growth and AI Development

Preeti Bali / 11:09 am / June 26, 2024

Rocketlane, a provider of a unified workspace for client onboarding projects, has successfully closed a $24 million Series B funding round. This latest round brings the company’s total funding to $45 million, following a successful Series A round of $18 million in January 2022 and a $3 million seed round in June 2021.

Investing in the Future of Project Delivery

The funding round was co-led by prominent venture capital firms 8VC, Matrix Partners India, and Nexus Venture Partners. According to Rocketlane, the fresh capital will be used to accelerate the development of its AI roadmap, which includes the creation of advanced features and capabilities designed to streamline project delivery for businesses.

Strengthening the Leadership Team

As part of its strategic growth plan, Rocketlane announced the appointment of Rao Adavikolanu as its Chief Marketing Officer (CMO). Adavikolanu, who previously served as the CMO of San Francisco-based Pilot.com, brings a wealth of experience to the table. His expertise will be crucial in driving Rocketlane’s market presence and spearheading key strategic initiatives.

A Proven Track Record of Success

Founded in 2020 by Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala, Rocketlane boasts a strong track record. The trio previously co-founded FreshChat, an in-app messaging startup that was successfully acquired by NASDAQ-listed SaaS giant Freshworks in 2015.

Empowering Businesses Across the Globe

Rocketlane’s unified workspace solution caters to businesses located in India, the United States, and Europe. With over 500 paying customers globally, the company reports that 30% of its revenue comes from the US market. Notably, Rocketlane has attracted a prestigious clientele, including enterprise companies that have transitioned from legacy Professional Services Automation (PSA) tools to benefit from Rocketlane’s innovative platform. Some of their notable customers include Chargebee, Pando, ParcelLab, Yellow.ai, LinkSquares, Appcues, and Netcore.

Rapid Growth Trajectory

Over the past year, Rocketlane has experienced phenomenal growth. The company claims to have tripled its revenue and secured over 500 customers, including a significant number of enterprise clients. This remarkable achievement underscores the increasing demand for Rocketlane’s solutions in the current business landscape.

 

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