Salesforce.com, Inc. (NYSE:CRM) Willing To Pour $100 Million More On European Startups
Salesforce.com, Inc. (NYSE:CRM) has committed fresh funding for European startups. Salesforce Ventures, the investment division of Salesforce, has announced an additional $100 million funding commitment targeting startups in Europe. In September 2014, Salesforce Ventures launched with $100 million in funding targeting European startups developing for Internet of Things.
Salesforce.com, Inc. (NYSE:CRM) is willing to groom startups that are doing things that have the potential of bolstering its business. In recent times, Salesforce has turned to creating industry-specific clouds as it looks to penetrate deeper into multiple cloud markets. The company has particularly shown interest in clouds for Healthcare and Financial services sectors.
As part of its efforts to unlock new opportunities, Salesforce.com, Inc. (NYSE:CRM) is expanding its startup investment. Europe continues to attract Salesforce’s startup investment dollars with the company making a fresh funding commitment for startups on the continent.
Fostering cloud innovation
The newly announced $100 million startup funding targeting European companies is expected to fuel cloud-based innovation. The initial $100 million venture funding that Salesforce committed for European startups was mainly aimed at promoting Internet of Things and mobile app innovation. The previous $100 million funding commitment also sought to foster innovation based on Salesforce’s Salesforce1 platform.
Some of the European startups that have benefited from Salesforce.com, Inc. (NYSE:CRM)’s venture funding include Apttus, SteelBrick, Livefyre, Autopilot and Vlocity, among others. These startups have different projects as some are focused on content marketing while others do price-to-quote apps. Autopilot is a marketing automation startup that recently announced receiving $7 million in funding from investors that included Salesforce.
CartoDB and CloudSense are other European startups that have seen the inside of Salesforce Ventures wallet.
Salesforce.com, Inc. (NYSE:CRM) is only the latest among U.S. technology companies opening their wallets in favor of European startups to foster innovation. For example, Amazon.com, Inc. (NASDAQ:AMZN) is also working to deepen the penetration of its Amazon Web Services (AWS) in Europe, and it is working with startups to achieve that.
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