Gtmhub, a software startup based in Denver announced today that it has closed its Series C funding round at $120 million. The Series C funding round was led by Index Ventures and a number of existing investors. Before raising $120 million in its latest funding round, the startup had raised a total of a little over $40 million. This means that it raised triple the total funds it had raised previously in this one round.
Gtmhub is a contender in a highly competitive OKR market with rivals Ally which was acquired by Microsoft and WorkBoard which raised $75 million earlier this year.
The newly-raised fund will be used to push the company’s growth as well as solidify its position in the market. According to Gtmhub’s COO Seth Elliot, it was time for the startup to raise more capital. According to him, the company could not have had a smaller round because it needed all the funding it could get. The startup failed to disclose its new valuation after the round and nothing could be acquired from data sources like PitchBook and Crunchbase. But the assumption is the startup is very close to being a unicorn after the Series C funding round. The COO also added that Gtmhub expects to triple its revenues this year, and probably achieve the same growth rate next year and the new capital will be geared towards achieving that goal.
The OKR market is increasing with smaller startups. It already has a good number of well-funded startups all in the competition but a good number of smaller startups are stepping on their toes and facing the competition squarely.
It will be interesting to see how Gtmhub which is growing at an impressive rate will perform next year.
