SaaS Labs said on Monday it has raised $17 million (Rs 127.5 crore) as part of its Series A funding round from San Francisco based early-stage venture capital firm Base10 Partners and Eight Roads Ventures.
The company, which operates out of India, the Philippines, and the US, will use the fresh capital to expand its customer base, hire, and launch new products and services.
SaaS Labs, which was founded in 2016 by Gaurav Sharma, develops products for sales, support and marketing teams as well as contact centers to boost productivity. The company has two main products: Justcall and Helpwise. Justcall enable small and medium businesses (SMBs) to install a cloud-based contact center for sales or support, within minutes with native integrations with over 70 other business tools. Helpwise users to consolidate all communication streams in a single shared inbox to increase the efficiency of the customer support team. The company's product suite provides near unlimited flexibility with its cloud-based experience irrespective of where the teams are distributed geographically or due to remote work.
Sharma said that the company has witnessed "unprecedented acceleration" of cloud adoption among SMBs in the last 12 months.
Chris Zeoli, principal at Base10 Partners, noted that SaaS Labs' modern, customizable communication system is particularly exciting for international sales and support calls that benefit from this customizability.
Aditya Systla, partner at Eight Roads Ventures, stated that the rapid adoption of productivity enhancing tools by businesses and the strong secular trends that are driving contact centers to the cloud, is becoming a theme that we believe has huge potential.
"SaaS Labs has grown significantly over the last few years and is well positioned to serve the needs of the SMB segment, as they increasingly seek cloud-based solutions," he added.
San Francisco based Base10 Partners is an early-stage venture capital firm founded by Adeyemi Ajao and TJ Nahigian. It had raised its second fund of $250 million last year.
Eight Roads Ventures has been investing in India since 2007. The venture capital firm, with assets under management of $1 billion, has over 40 active portfolio firms across healthcare, technology, consumer and financial services sectors in the country.
In the first half of this year, Eight Roads Ventures held on to its third spot as the most active venture capital firm with 20 deals -- comprising new and follow-on bets -- compared to 15 investments in the first six months of last year, according to a VCCircle analysis.
Eight Roads Ventures' new bets this year include Quizizz, which gamifies quizzes and interactive lessons, nutrition brand OZiva and dental tech brand Toothsi.