Brevo Raises $583M to Compete with Major CRM Companies

Brevo Becomes a New Unicorn Company with $583 Million Funding

Brevo is a company that helps businesses manage their customers better. It is now called a “unicorn,” which means it is worth more than $1 billion. The company is based in Paris, France, and recently raised a lot of money — €500 million, or about $583 million. This big funding will help Brevo compete with huge companies like HubSpot and Salesforce, not only in Europe but also in the United States.

How Brevo Started and Grew

Brevo used to be called Sendinblue. It started in 2012 as a small business email marketing tool. Over time, it expanded its services and changed its name to Brevo. Today, more than 600,000 businesses use Brevo, from small shops to large companies like Carrefour, eBay, and H&M.

Plans for Growth

Although Brevo has customers in the U.S., it makes only about 15% of its money there. The company’s CEO, Armand Thiberge, wants to change that. He plans to use some of the new money to grow even more in the U.S. He believes that since the U.S. is made up of about half of the global market for these services, the U.S. should also bring in about half of Brevo’s income.

Impressive Revenue and Goals

Brevo’s revenue is growing quickly. In 2023, it hit over $100 million in annual recurring revenue, which helped it join a special group of fast-growing companies. Brevo expects to make over €200 million (about $222 million) in revenue by 2025. It also has big dreams: reaching €1 billion in revenue by 2030.

What the Money Will Be Used For

The new funding allows Brevo to invest in artificial intelligence (AI) — advanced computer technology that can help improve services. They plan to spend over €50 million on AI in the next five years. They also want to buy other companies to help them grow quickly. Brevo has already bought 11 companies and plans to keep making acquisitions.

Who Owns Brevo Now?

Most of the ownership of Brevo remains with its bosses and employees. However, new investors like General Atlantic and Oakley Capital bought large shares. The previous investors, Bpifrance and Bridgepoint, still own a good part too. This mix of owners shows that Brevo wants to be a strong, global European company that can take on U.S. competitors.

What Makes Brevo Different

Brevo has grown beyond just email marketing. Its platform now includes tools for marketing automation, managing customer data, and communication through email, SMS, WhatsApp, live chat, push notifications, and even calls. The company aims to make its platform both complete and easy to use, which is very important in winning customers.

The Future of Brevo

Brevo plans to keep expanding by buying other companies and improving its products, especially with AI. By doing this, the company hopes to reach its goal of €1 billion in revenue by 2030. The success of Brevo shows how a European company can grow big and compete with the giants in the United States.

In Summary

Brevo has grown quickly from a small email company to a major player in customer management. With a recent big investment, it plans to expand in the U.S., improve its services with AI, and grow even larger in the coming years. Brevo’s story shows that with good products and smart growth, European startups can challenge the biggest companies in the world.