[Funding alert] SaaS startup Zomentum raises $4.1M from Accel and SAIF Partners in seed round
SaaS-based startup Zomentum on Wednesday announced that it has raised $4.1 million in a seed round of funding from Accel and SAIF Partners.
With this funding, the MSP (managed service provider) sales software startup said it plans to accelerate product development, build a global world-class team, and scale in multiple geographies.
“Our efforts are now concentrated on accelerating GTM (go-to-market) and building sales/marketing/product pipelines around that,” Shruti Ghatge, Co-founder and CEO, Zomentum, said.
Founded in 2018 by Shruti Ghatge and Rahil Shah, Zomentum is headquartered in San Francisco, with offices in Raleigh and Bengaluru. The startup provides an all-in-one solution with various product modules that enables IT channel partners to grow their business, add new customers, connect the dots, and spread their value.
“There are over 200,000 IT partners in the US alone. And almost the same number across Canada, the UK, and Australia. As we add more partners, we have an opportunity to improve their business by not only providing them with the tools, but also provide data-driven insights on how these partners could provide more value to their customers (the B2B customer set) to gain market share quickly,” Shruti added.
Zomentum claims that it started selling its products in January 2020, and has clients across four continents today. The firm has achieved 40 percent monthly growth over the six months of 2020.
“We are excited about Shruti and Rahil, who have spent more than 18 months studying the market, and starting Zomentum with a singular focus in making the IT partner ecosystem thrive and scale with a modern toolset,” Shekhar Kirani, Partner, Accel India, said.
According to Alok Goel, Managing Director at SAIF Partners,
“The IT partners establish deep and rich relationships with the B2B customer set. They are the route to market for various products and services to reach many businesses across the world. Zomentum is focussed on building a best-in-class product for making these IT partners successful.”
On Wednesday, Accel also led a seed investment of $1.2 million in a Chennai and US-based cybersecurity startup Securden Inc, founded by ex-Zoho executives Balasubramanian Venkatramani and Kumaran Balan, in 2018.
Edited by Suman Singh