Coveo, enterprise search company has announced it raising $35 million in Series D round of funding led by IQ Venture Capital along with the participation of existing investors Tandem Expansion Fund, BDC Capital, Propulsion Ventures SEC, Fonds de solidarite FTQ and Coveo CEO Louis Tetu. With the recent funding, the company’s total funding raises to $75 million.
Coveo, the intelligent search company, produces apps and services for business and is on a mission to change business by engaging customers with greater relevance and improving the skills of employees with intelligent search , where and when they work and interact. It has enjoyed success recently with the doubling of revenue year-over-year. The company was recently recognized in Gartner’s Magic Quadrant for Enterprise Search as a visionary leader for the second consecutive year.
Tetu said, “There is incredibly strong demand for intelligent search-based apps, which enable more relevant, digital customer engagement and a more agile and engaging digital workplace. Coveo helps to engage customers with more relevancy and upskill employees everywhere they work, with the insights that matter.”
With the fresh funds, Coveo plans to boost the launch of additional intelligent search apps for bigger business technology ecosystem where contextual insights from outside the platform are critical to delivering unified, engaging experiences. It also intends to make investment in sales and marketing, R&D and product group and also plans to strengthen the team in the strategic areas of the business.
Pierre Gabriel Cote, CEO of IQ Venture Capital said, “Coveo is an innovative, cutting-edge company with an outstanding management team and a proven track record in the global technology arena. Our investment will enable it to grow faster and clearly demonstrates our desire to help build a Quebec-based technology business able to stake out a leading position on the world stage.”