SugarCRM continues to roll in the dough, the most recent dough rolling coming not from new customers but from a new round of venture capital investment. A nice sum of $20 million in new investment to be precise.
The latest round of financing was led by New Enterprise Associates. SugarCRM has existing investors including Draper Fisher Jurvetson and Walden International
that also joined the latest round. In total SugarCRM has raised $46
million in funding to date.
SugarCRM’s most recent release is Sugar 5.0 brought the open source CRM vendor to a new license – GPLv3 – and also added a long list of new features bringing the application up to the level of proprietary CRM vendors.
This additional funding will allow SugarCRM to
accelerate its goal of moving the CRM market from a proprietary lock-in model to
an open, value-based model by delivering the most modern, open, flexible CRM
platform in the industry, said John Roberts, CEO and co-founder, SugarCRM in a statement.
The big question now of course is — What is the exit strategy for the venture cap investors? Will SugarCRM go IPO or will it be acquired?