Rocketlane secures USD $24 million Series B funding for CRM platform

Rocketlane has announced the successful raising of a USD $24 million Series B funding round to further develop its post-sales Customer Relationship Management (CRM) platform for professional services teams. The funding round was co-led by 8VC, Matrix Partners India, and Nexus Venture Partners, raising Rocketlane's total funding to USD $45 million.

Originally a customer onboarding platform, Rocketlane has broadened its services to offer an AI-driven tech stack aimed at professional services teams within companies. These teams, often tasked with delivering the value of a purchased product or service, have been traditionally constrained by outdated tools and processes.

Srikrishnan Ganesan, the CEO and co-founder of Rocketlane, commented on the funding round: "Our unique combination of high-velocity innovation and robust capabilities sets us apart, and has helped us consistently win large, forward-thinking customers, including public companies. With this new investment, we are committed to accelerating our AI roadmap and redefining the client portal experience." He added, "We have equipped ourselves to handle the challenges of rapid growth, and continue delivering exceptional value to our clients."

Rocketlane has claimed significant success over the past year, tripling its revenue and securing over 500 customers, including prominent companies such as OpenGov, LivePerson, Fivetran, Personio, and Zenoti. Nav Kalra, Vice President of Professional Services at OpenGov, which is a client of Rocketlane, noted: "In a sea of legacy tools, Rocketlane stands out as a modern, disruptive force in the PSA software landscape with its all-in-one platform. The intuitive interface and unparalleled client-facing experience make managing client projects a breeze. We're thrilled to partner with Rocketlane as we continue to revolutionise the way we work."

Among Rocketlane's growing customer base, a significant number are in the AI Software as a Service (SaaS) category. For these businesses, Rocketlane aims to offer an accelerated onboarding journey, ensuring clients reach value quickly and facilitating early expansion conversations which, in turn, can increase Net Revenue Retention. To further enhance its service offering, the company has launched its own AI functionalities and plans to introduce additional capabilities in the upcoming months.

Bhaskar Ghosh, Partner at 8VC, praised Rocketlane's team and achievements: "Rocketlane has reshaped enterprise client project delivery, replacing tired, legacy PSA approaches with elegant software and deployment." He also emphasised the speed and agility of Rocketlane, stating, "Speed and agility matter when you become the leader in a category like customer onboarding. Rocketlane has achieved precisely that since their Series A, showing themselves to be both visionaries and incredibly hard-nosed executors."

Jishnu Bhattacharjee of Nexus Ventures Partners echoed this sentiment, expressing enthusiasm for the continued partnership: "We are thrilled to double down on backing Sri and the team at Rocketlane as they transform the PSA and customer onboarding categories with their industry-leading, AI-powered product and fast-growing list of marquee customers."

As part of its growth strategy, Rocketlane has appointed Rao Adavikolanu as its Chief Marketing Officer. The new CMO is expected to drive Rocketlane's market presence and strategic initiatives, enhancing the company’s growth trajectory.

Rocketlane was founded in April 2020 by Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala. The trio previously created an in-app messaging startup called FreshChat, which was acquired by Freshworks in 2015. The challenges faced while onboarding customers to FreshChat inspired the creation of Rocketlane.

Looking ahead, Rocketlane plans to continue attracting top-tier talent and executing its AI-first roadmap to streamline onboarding and project deliveries. Srikrishnan Ganesan stated, "The team is excited about our upcoming innovations—especially the unique AI capabilities and the first-of-its-kind dynamic client portal in this space—that will expand the gap between Rocketlane and the competition."