Rocketlane bags $24M in Series B round led by 8VC, Matrix Partners, Nexus Venture Partners

B2B SaaS platform Rocketlane has raised $24 million in a Series B funding round led by 8VC, Matrix Partners India, and  Nexus Venture Partners.

The startup plans to use the funds to accelerate its AI roadmap by developing advanced features and capabilities to enhance client project delivery.

With this investment, Rocketlane has till date raised around $45 million. 

“We are trying to elevate the client project delivery experience both for internal teams and the customers. That's our unique way in which we are trying to add value–on how we can help not just internal operations, but also on the customer side, with new experiences that will make them more productive, along with more enriching experiences that help forge better partnerships between service delivery teams,” Srikrishnan Ganesan, CEO & Co-founder, Rocketlane, told YourStory.

The California- and Chennai-based firm said it has tripled its revenue over the past year, reaching over 500 customers in 2023. This growth includes enterprises that have switched to Rocketlane from legacy PSA (professional services automation) tools, it added.

"Over the next couple of years, we will expand into more regions, but we have our own thresholds of how much business we want to see from a region before we have a physical presence there. But we are already starting to invest in activities in those regions, such as hosting our own event in the UK later this year,” said Ganesan.

“Rocketlane has reshaped enterprise client project delivery, replacing tired, legacy PSA approaches with elegant software and deployment. Speed and agility matter when you become the leader in a category like customer onboarding," said Bhaskar Ghosh, Partner at 8VC.

"Rocketlane has achieved precisely that since their Series A, showing themselves to be both visionaries and incredibly hard-nosed executors," he added.

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Founded in 2020 by Srikrishnan Ganesan, Deepak Balasubramanyam, and Vignesh Girishankar, Rocketlane offers a purpose-built PSA and client onboarding platform. It helps businesses deliver predictable outcomes and improve team utilisation and project profitability. Its clientele includes OpenGov, LivePerson, Fivetran, Personio, and Zenoti.

Meanwhile, as part of its growth strategy, Rocketlane has onboarded Rao Adavikolanu as the chief marketing officer.

“The Rocketlane team has a great opportunity to replace legacy PSA software with their AI roadmap and great user experience. The company has executed this vision with rapid adoption and has solidified its industry-leading position. We are excited to reinforce our commitment to them,” said Vikram Vaidyanathan, Managing Director, Matrix India.

“We are thrilled to double down on backing Sri and the team at Rocketlane as they transform the PSA and customer onboarding categories with their industry-leading, AI-powered product and fast-growing list of marquee customers,” said Jishnu Bhattacharjee, Nexus Ventures Partners.