Crossbeam recently caught the attention of the investors with impressive growth and raised an amount of $76 million. Founded by CEO Bob Moore, the startup helps companies in building sales partnerships and understand their overlapping accounts in a better way. crossbeam 76m seriesmillertechcrunch. For this, a process known as account mapping is used. At the time of the commencement, Moore was positive that eventually the company would benefit from a network effect as customers would attract other partners to the network.
The current investment round was led by Andreessen Horowitz and had participation from previous investors like Redpoint Ventures, First Round Capital FirstMark Capital, and Uncork Capital, along with HubSpot Ventures, Salesforce Ventures and Okta Ventures. With the current raise, the company has now raised a total of almost $117 million.
Moore even mentioned that the network effect is attracting investors. This effect even provides an easy way for the company and its investors to measure success just by looking at the network graph. Over the last year, Crossbeam has attracted much larger companies, which has grown the network even faster. Landing huge enterprise accounts has been a turning point for the company. As per Moore, they were earlier selling to partner teams only. However, they are also moving into sales and marketing as of now and that’s helping feed valuable data into systems like Salesforce and HubSpot. It’s not a coincidence that they also happen to be one of the investors.
He also added that even in a tight employment market, Crossbeam has been able to attract talent because people are willing to work at a company that is fast growing and attracting investors as the startup Crossbeam. Despite being a B2B company, Crossbeam says it feels almost like a consumer business in some ways because of all these network effects.