Venture capital firms Insight Venture Partners, Accel and Sequoia Capital provided the funding which follows Qualtrics’ recent announcement of the launch of its new XM platform which manages the customer, employee, product and brand experience in one single platform.
The valuation of US$2.5 billion is well above Qualtrics valuation of US$1 billion when it completed its last funding round in 2014 and is the single largest aggregate investment in the history of Accel’s portfolio.
“From a revenue standpoint, Qualtrics is already the size of most public companies and there’s room for a lot more growth considering the large and expanding market in which they play. The interest from investors everywhere underscores the notion that Qualtrics is likely the best private software company on the market today — we are very fortunate to be their partner,” said Ryan Sweeney, partner at Accel and Qualtrics board member.
Demo’s appointment follows the appointment last year of former Apple and Google executive, Kim Scott, to the Qualtrics board.