Cupertino-Based SugarCRM Raises $33M in Equity and Debt Financing

Cupertino, Calif. -- SugarCRM, a Cupertino-based developer of customer relationship management (CRM) applications, said on Wednesday it has raised $33 million in a new round of equity and debt financing, led by New Enterprise Associates (NEA). New investors Silicon Valley Bank and Gold Hill Capital also joined previous backers Draper Fisher Jurvetson and Walden International in the round, which the company will use to bolster marketing efforts and pursue strategic business opportunities. "We are excited to continue our expansion into the enterprise space and are privileged to have the strong support of top investors that have domain expertise in the CRM market and who support our mission," said CEO Larry Augustin. SugarCRM said its applications have been downloaded more than 10 million times and currently serve over 1 million end users in 192 countries.
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