Pivoting Softwares Pvt Ltd, which operates client lifecycle software-as-a-service firm Clientjoy, has raised $800,000 (about Rs 6 crore) in a pre-Series A round.
In a statement, Ahmedabad-based Clientjoy said it has raised this capital from GVFL Ltd (formerly Gujarat Venture Finance Ltd), which was set up in 1990.
According to its website, GVFL says it is an independent, autonomous board-managed venture finance company that has raised eight funds. These investment vehicles have supported over 91 companies.
Clientjoy, earlier known as Gridle, was set up last year by Yash Shah, Anupama Panchal, and Shashwat Bhatt. The company says its client lifecycle management software offers features to manage leads, proposals, clients, invoicing, and revenues.
It will use the capital it has raised to scale its growth, as well as expand sales, engineering, and marketing teams. It will also focus on expanding its product offering.
“Agencies and freelancers have to devote significant time and resources just to manage clients, since client management happens across multiple tools and platforms,” Shah said.
GVFL president Mihir Joshi said the venture firm was confident of its investment because of Clientjoy’s SaaS-based workflow management tools as well as its ability in onboarding clients from India and abroad.
Clientjoy says it is currently serving over 1,900 agencies in sectors including information technology services, digital marketing, and design agencies. Its clients are located in regions including the United States, Europe, Australia, and Southeast Asia.
Deals in SaaS
Clientjoy is the latest firm in this space to have raised capital. Covid-19 has accelerated investor bets in this segment.
Last month, cloud-based business applications developer Tekion Corp. raised $150 million (around Rs 1,104 crore) in a Series C funding round that was led by Advent International. The round catapulted the California- and Bengaluru-based firm into the unicorn club of startups.
Also in October, supply chain automation platform Supplynote raised $600,000 (around Rs 4.4 crore) in a bridge funding round from a clutch of investors including the US-based SOSV and Australia’s Artesian Ventures.
In September, sales acceleration platform SquadStack raised $5 million in a Series A round led by Chiratae Ventures, with participation from Blume Ventures.