Demo automation firm Consensus locked up a fresh $110 million round led by Sumeru Equity Partners — the largest round raised by any VC-backed startup in Utah this year to date.
The Lehi-based company has an interactive video demo platform that helps presale and technical sales teams automate repetitive product demos and reallocate their time more wisely.
Founded in 2013, the company has now raised nearly $140 million, per Crunchbase data.
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“We are excited to move forward in the next phase of our growth with the help of a unique partner in Sumeru, who brings an impressive track record of success in helping companies aggressively pursue and achieve category leadership,” said Garin Hess, founder and CEO, in a release.
Consensus will use the new cash infusion to accelerate growth after seeing a 60% increase in revenue last year.
Utah and SaaS
The $110 million round is the largest raised by any startup in Utah so far this year — just beating out Salt Lake City-based biosafety technology startup R-Zero’s $105 million funding round led by CDPQ last month.
It is the largest round in the state since Salt Lake City-based MasterControl raised a $150 million Series A in December, according to Crunchbase.
The round is also one of the larger in the lagging SaaS sector.
After a monster year in 2021 — where U.S.-based, VC-backed SaaS startups raised nearly $33 billion — SaaS companies saw funding nearly halved, dropping to $16.5 billion.
So far this year, such startups have raised less than $2 billion to date.
Those declining numbers may be the byproduct of many public SaaS companies seeing their share value drop as companies rein in spending on software tools in an attempt to cut expenses and increase profitability in the uncertain economy.
Illustration: Dom Guzman
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