SUMMARY
The funding round was co-led by fintech company Georgian, along with Insight Partners, and also saw participation from Illuminate Ventures
Contentstack will use the fresh funds to help global brands meet consumer demand for omnichannel and personalised experiences and hire more employees in India
Contentstack works with global brands like Chase, Holiday Inn, Levi’s, Mattel, McDonald's, Mitsubishi, and Shell
Content management platform Contentstack on Tuesday (November 15) said it has raised $80 Mn in its Series C funding round co-led by Georgian and Insight Partners, with participation from Illuminate Ventures.
The startup said it will use the funds to help global brands meet consumer demand for omnichannel and personalised experiences. It is also set to recruit more employees across its India bases like Hyderabad, Bengaluru, Pune and Virar-Mumbai.
The funding round comes over a year after Contentstack raised $57.5 Mn in its Series B round in June last year. The startup has raised a total funding of $169 Mn till date.
Following the latest fundraising round, fintech company Georgian’s lead investor Emily Walsh will join the board of Contentstack, along with its CFO David Overmyer.
“We love to help disruptors do what they do best. For all these reasons, we chose to double down on our investment,” said Walsh. “Contentstack’s ability to ensure customers are successful while also innovating at record speeds positions them as the leader in the CMS market.”
Founded in 2018, Contentstack is one of the largest homegrown Indian content management systems (CMS) that represents global brands like Chase, Holiday Inn, Levi’s, Mattel, McDonald’s, Mitsubishi, and Shell. Headquartered in the US, it has offices both in India and Europe.
“Contentstack was incubated in India-based Raw Engineering before it was spun out to take on a more global presence in 2018,” said Nishant Patel, cofounder and CTO of Contentstack. “Our mission is to help support and drive massive growth in the Indian startup ecosystem. Recently sponsoring the NASSCOM Product Conclave helped energise that mission.”
Since the startup’s fundraise last year, Contentstack has grown to have over 400 employees and is currently approaching over 50K users in more than 70 global markets. The startup also claimed to have doubled its customer number and nearly tripled its ARR.
It competes with the likes of Oracle, OpenText, Cisco Systems, IBM, EMC, and Microsoft in the CMS market.
Pegged at around $17.5 Bn in 2021, the global CMS market is estimated to hit a size of about $25.5 Bn by 2028, as per a report. The Covid-19 pandemic provided a further boost to the market as the challenges increased for businesses due to remote working.
