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SaaS startup Rocketlane raises $24 Mn led by 8VC, Matrix and Nexus

Entrackr · 6m

SaaS startup Rocketlane has raised $24 million in its Series B funding round co-led by 8VC, Matrix Partners India and Nexus Venture Partners. Back in January 2022, Rocketlane scooped up $18 million in Series A round while the firm snagged a $3 million in seed round in June 2021. The new funding will push Rocketlane’s AI roadmap which includes development of advanced features and capabilities for project delivery, the company said in a press release. As part of its growth strategy, Rocketlane has also announced the appointment of Rao Adavikolanu as Chief Marketing Officer (CMO). Rao’s expertise will be instrumental in driving the firm’s market presence and strategic initiatives. Previously, he was the CMO of San Francisco-based Pilot.com. Founded in 2020 by Srikrishnan Ganesan, Vignesh Girishankar and Deepak Bala, Rocketlane offers a purpose-built unified workspace for collaborating with customers for onboarding projects. It helps businesses shorten their time-to-value, streamline their software implementation, and provide real-time visibility. Previously, the trio built an in-app messaging startup FreshChat that was acquired by NASDAQ-listed SaaS firm Freshworks in 2015. Besides India, it has presence in the US and Europe. Rocketlane currently has 500 paying customers globally and the US contributes 30% to the company’s total revenue. Over the last year, Rocketlane claims to have tripled its revenue and reached over 500 customers, including enterprise companies that have switched to Rocketlane from legacy Professional Services Automation (PSA) tools. The company’s customers include Chargebee, Pando, ParcelLab, Yellow.ai, LinkSquares, Appcues, and Netcore.