The Cambridge arm of SugarCRM has received a funding boost following the successful closing of a $33m debt and equity round.
The round was led by New Enterprise Associates with support from Sugar CRM’s existing investors, such as Draper Fisher Jurvetson and Walden International and new investors, Silicon Valley Bank and Gold Hill Capital.
SugarCRM has developed a customisable web-based customer relationship management platform, initially aimed at giving smaller businesses the ability cloesly manage their sales pipelines. The new money is to fund a push into the enterprise.
One of the key beneficiaries will be SugarCRM’s Cambourne base. Established last December to service its UK customer base, the Cambridge outpost is in line to receive a significant funding boost to sustain its growth.
While the exact details are sketchy, Tom Schuster, VP and GM for SugarCRM Europe, for the company said that they are hiring new staff on a weekly basis to meet the demands caused by dramatic growth in the business and to continue its advancement into the enterprise market.