SEDNA raises USD34m in Series B funding
SEDNA, an intelligent communications system for high-performance teams at leading companies like Glencore, Norden, and Bunge, has secured USD34 million in Series B funding.
The funding will allow SEDNA to expand its investment in the global supply chain space while also increasing value in new verticals where overwhelming communication makes work harder. Customers fully implementing SEDNA in complex environments save over ten hours a week per user.
Backed by global venture capital and private equity firm Insight Partners, with the participation of Series A investors Stride.VC, Chalfen Ventures and the SAP.iO fund, the Series B financing enables SEDNA to develop its product, data science, and go-to market functions and work toward its goal of becoming the leading intelligent communication system where global businesses get work done with speed, context, and clarity.
The increase in digital communication channels and remote, fragmented workforces has created unprecedented challenges for organisations dealing with enormous volumes of information while simultaneously needing to work quickly and securely. SEDNA’s intelligent communication system allows companies to break down silos and work across their organisation within a single digital workspace - improving certainty and promoting seamless collaboration across teams doing complex, multi-party work.
Building on its dominant position in the global supply chain market, SEDNA will help teams that run complex processes in other verticals to get work done faster. Examples abound in markets such as B2B SaaS, business banking, settlement, claims, treasury, and risk management, where SEDNA has already won customers like Starling Bank.
Bill Dobie, CEO of SEDNA says: "Uncoordinated digitisation has made business noisier. Email is broken, chats are a mess, and getting work done is hard. SEDNA's single digital workspace makes business communication flow. Our intelligent and collaborative email stream breaks down silos so our customers work faster. We’re excited to work with Insight — a true scale partner that understands how our platform will deliver enormous value to customers in this complex world.”
John Mountain, CIO of Starling Bank says: “We’re excited about implementing SEDNA and getting the power to connect our internal systems to our email. It’s particularly exciting to see the potential of automation when it comes to increasing productivity and efficiency within our team — all of which means we can better meet our service commitments to our customers whilst also reducing risk.”
With the investment, SEDNA welcomes Eric Cullerier, as VP of Customer Success, and Jim Preston, as VP of Global Sales, while also growing their board of directors with Rebecca-Liu Doyle and Keith Wallington. Keith brings a wealth of SaaS operating experience having held numerous executive roles at Mimecast, and more recently operating as Chairman of a number of scaleups. Rebecca brings her experience of working with top tier SaaS businesses within the Insight portfolio.
Rebecca Liu-Doyle, Principal at Insight Partners says: “Bill started reimagining email where it was most broken and therefore hardest to fix — large teams managing huge volumes and complicated processes. Today, SEDNA’s power is in its ability to introduce immense speed, simplicity, and delight to any inbox experience, regardless of scale or complexity. We are excited to partner with the SEDNA team as they continue to make digital communication more intelligent for teams in global supply chain and beyond.”
Fred Destin, Founder at Stride.VC says: "Stride.VC is doubling down on SEDNA in this round as we're convinced we can put a new messaging leader on the map. You can't crack the code on reinventing team email without re-thinking messaging, collaboration and transactions all in one, which is exactly what this team has done."
Mike Chalfen, Chalfen Ventures says: "I am thrilled to invest in SEDNA again because it has an opportunity to change how the world works. SEDNA is one of the few software companies that actually helps a large number of users to save hours of work every day. This is the result of Founder and CEO, Bill Dobie, rethinking global scale business communication from the ground up, and a profound tech platform that is built for huge speed and increasing intelligence over time. It has been impressive to see him build a leadership team that can execute on this huge opportunity, and to attract the new capital to fuel the growth ahead."
Stefan Sauer, Global Transport Solutions Lead, SAP says: “SAP continues to partner with SEDNA to deliver value to SAP customers. The ability to turn complex information into simpler intelligent collaboration has been a growing priority for many SAP customers.”