Munich is one unicorn richer: Celonis receives another 50 million US dollars from its investors, thus reaching a company valuation of one billion dollars.
Existing investors Accel and 83North are investing $50 million in the data startup Celonis as part of a Series B financing round. The Munich-based company claims to be the market leader in process mining. The company's software analyzes processes within an organization and helps optimize workflows (More about the company and the technology behind it in our Success Story).
Founded in 2011, the company financed itself for five years from its own assets and operating profits. In 2016, Bootstrapping and Celonis took the Facebook investors Accel Partners and 83North on board – for strategic reasons, as co-founder [name omitted] explained to us. Bastian Nominacher last year assured:
"Purely financially, the investment wouldn't have been necessary; we're profitable and growing rapidly. As a startup, you have to differentiate: Are you raising capital because of the liquidity you need or for strategic reasons? For us, liquidity wasn't the issue, but rather the desire to bring the right strategic partners on board."
Celonis is growing rapidly in the USA
Backed by $27.5 million from its investors, Celonis ventured across the pond in September 2016 and opened an office in New York. From there, the startup has gained customers including Merck, Lockheed Martin, ExxonMobil, and Uber. Celonis now generates half of its revenue in the US.
As part of its growth trajectory, Celonis opened additional offices in London, Boston, Raleigh, and Miami last year. The startup expanded its existing offices in Munich and the Netherlands. Through its Miami office, Celonis also serves Central and South America. Additional locations are planned for the Midwest and the West Coast. The US headquarters in New York City will move into new premises with capacity for over 150 employees in fall 2018. Harry Nelis, Partner at Accel, says:
"We are delighted to strengthen our partnership with the outstanding team at Celonis with today's investment. From day one, we have been very impressed with what Alex, Bastian, and Martin have built. And market demand for their technology has exceeded all expectations. The rapidly growing list of multinational customers speaks to the company's global potential."
