Openprise Secures $25 Million in Series B Funding
Funding will support continued product technology advancements in RevOps Data Automation and further extend the company’s lead position in the RevOps market
SAN MATEO, CA, March 5, 2024 — Openprise, a leader in revenue operations (RevOps) data automation, announced today that it closed a $25 million Series B equity raise led by investment funds managed by Morgan Stanley Expansion Capital. With a strong balance sheet and impressive growth, Openprise is poised to continue helping high-performance RevOps teams in transforming their data into action, achieving operational agility at scale, and simplifying technology to drive efficient growth.The company will use the financing to further extend its leadership in the RevOps market, expand its product roadmap, bolster talent recruitment efforts, and drive sales and marketing growth by investing in critical go-to-market (GTM) initiatives and customer success programs.Over the past decade, organizations have invested heavily in data and multiple GTM technologies to keep pace with growing digital touchpoints along the customer journey. However, these investments often failed to scale and integrate, leaving RevOps teams with a stitched patchwork of point solutions to manage, further fragmenting data and processes.“At Openprise, we are solving today’s challenges by focusing on the most fundamental yet overlooked problems for RevOps teams: poor data quality, too many silos, and unusable formats. Data is at the core of what we do because it’s the key enabler of every GTM initiative,” said Ed King, founder and CEO of Openprise. “Many companies are exploring artificial intelligence (AI) under the RevOps framework. Because AI is the ultimate data-driven application, Openprise is leading the industry to unlock the value of data with the industry’s next-generation cloud platform for RevOps. Our goal is to consistently provide RevOps teams with a trusted data foundation so they can automate any process and simplify even the most complex technology stack."The company’s flagship product, the Openprise RevOps Data Automation Cloud, brings together data, automation, integration, and orchestration, empowering high-growth companies to scale all of their GTM strategies on a single cloud at up to ten times the speed of what IT can support, without writing a single line of code.In today’s business environment, alignment across marketing, sales, and customer success teams is critical for revenue growth. This is the promise of RevOps. By bringing these functions and strategies together, RevOps streamlines processes and enables data-driven decisions, optimizing efficiency across the revenue lifecycle. According to Gartner, by 2025 75 percent of the highest-growth technology companies will deploy the RevOps model.“It's an exciting time to be a part of Openprise’s success,” said Pete Chung, Head of Morgan Stanley Expansion Capital. “Despite a challenging market, Openprise has demonstrated the ability to scale efficiently with accelerating growth while delivering exceptional levels of customer satisfaction.”“We have been impressed with the solution that Ed and his team have built and believe that Openprise is well-positioned to serve a growing need within the RevOps market as the industry becomes more sophisticated and demanding in its use of data and technology,” added Steve Cao, Executive Director of Morgan Stanley Expansion Capital. “Openprise has helped many organizations improve their GTM efficacy, serving leading organizations across data-rich industries including technology, healthcare, and financial services.”Openprise is trusted by leading RevOps teams at Adobe, Broadcom, Nutanix, Rippling, Rockwell, Russell Reynolds, and Splunk. The company is recognized as a Leader and High Performer in multiple categories in G2's 2023 Grid Reports. Additionally, Inc. Magazine has repeatedly recognized Openprise as a Great Place to Work.
About Morgan Stanley Expansion Capital
Morgan Stanley Expansion Capital is the growth-focused private investment platform within Morgan Stanley Investment Management. Morgan Stanley Expansion Capital targets growth equity and credit investments within consumer, technology, healthcare, and other high-growth sectors. For over three decades, Morgan Stanley Expansion Capital has successfully pursued growth investment opportunities and has completed investments in over 200 companies, leveraging the global brand and network of Morgan Stanley.