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Drift Nabs $60M Series C

2018-04-17
BOSTON, MA, Drift, a marketing and sales platform, raised $60 million in Series C funding.
According to the Boston Globe, Drift announced that Sequoia had led a $60 million funding round, leaving the company with $90 million on hand.

"They thought if we had more capital we'd be making some big bets for the future that we wouldn't be making right now," chief executive David Cancel said.

Drift makes pop-up chat windows that companies use to engage customers on their websites.

Cancel said the company could move beyond online chat into other modes of communication, such as video. He said Drift is responding to a change in how companies buy things, in which individual employees now make their own purchasing decisions and not some central office. Drift wants to be the intermediary that allows those transactions to happen.

Cancel said that while VC money is relatively easy to come by now, he knows those conditions won't last.

"We don't need to raise money now, but we know how much money it's going to take to build this pillar company in Boston that we're all committed to, so if we can work with someone we really admire and trust, let's do that," he said.

General Catalyst and CRV, also early supporters, were part of Drift's latest funding round. The company has now raised a total of $107 million and plans to grow its workforce in Boston and San Francisco.
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