Rocketlane, the leading B2B SaaS platform for client project delivery, today announced it has raised $24M in its Series B funding round, bringing the total funds raised to $45M. This latest round of funding comes at a time when the company still had $11 million in the bank.
The Series B is co-led by 8VC, Matrix Partners India, and Nexus Venture Partners.
The company has tripled its revenue over the past year, reaching over 500 customers in 2023, including enterprises that switched to Rocketlane from legacy PSA tools.
The new funding will significantly accelerate Rocketlane’s AI roadmap, enabling the development of advanced features and capabilities that enhance client project delivery. As enterprises focus more on leveraging AI, Rocketlane’s AI-driven capabilities for resource management, efficiency, and productivity are expected to provide a competitive edge.
Rocketlane was also named the G2 Momentum Leader in the PSA category for three consecutive quarters, in addition to bagging 199 other G2 badges in the Spring 2024 report. Rocketlane has been the choice for services firms that want to elevate their project delivery experience and optimize their utilization margins.
The growth is fuelled by a stronger need for efficiency and cost optimization in professional services teams, as well as more enterprise deployments of software with AI modules. Recent customer wins include industry-leading names like OpenGov, LivePerson, Fivetran, Personio, and Zenoti, among others.
Rocketlane, being tailor-made for client delivery, has doubled down on the services market, broadening its offerings to cater to their needs, and address significant gaps in the UX of service delivery and current tooling options.
Srikrishnan Ganesan, CEO & Co-founder, Rocketlane, said, “We are thrilled to have the support of our investors as we continue to grow and innovate in the client project delivery space.The team is excited about our upcoming innovations–especially the very 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”.
Rocketlane has reshaped enterprise client project delivery, replacing tired, legacy PSA approaches with elegant software and deployment,” said Bhaskar Ghosh, Partner at 8VC. “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. We are thrilled to continue supporting Rocketlane and Sri, Deepak, and Vignesh, founders who lead with a rare blend of thought, culture and action
Jishnu Bhattacharjee, Managing Director, Nexus Ventures Partners, added, “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.”
“The Rocketlane team has a great opportunity to replace legacy PSA software with their AI roadmap and great user experience. The company has executed this vision with rapid adoption and has solidified its industry-leading position. We are excited to reinforce our commitment to them,” said Vikram Vaidyanathan, Managing Director, Matrix India.
As part of its growth strategy, Rocketlane is excited to announce the appointment of Rao Adavikolanu as Chief Marketing Officer (CMO). Rao’s expertise will be instrumental in driving Rocketlane’s market presence and strategic initiatives. This leadership hire demonstrates Rocketlane’s commitment to deploying funds toward attracting top-tier talent.
Speaking on Rocketlane’s leadership hiring, Srikrishnan said, “The addition of Rao Adavikolanu as our CMO underscores our dedication to building a world-class leadership team that will drive our mission forward.”
Rocketlane has seen remarkable success with key customers such as IIcertis, Drift, Moveworks, and Clari.
Nav Kalra, VP Professional Services at OpenGov, said, “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 revolutionize the way we work.”
