Content management system Contentstack announced on Wednesday it raised a $57.5 million Series B round. Insight Partners led the funding round with additional investments from Gingerbread Capital, Illuminate Ventures and Georgian.
This brings Contentstack’s total funding to $90 million since launching in 2018.
“If you look at what’s happened in the market in the last year and a half, and especially with the accelerant of COVID, which, as much as it was a tumultuous time for so many people, from the perspective of digital growth, things just happened really fast,” Neha Sampat, CEO and co-founder of Contentstack, told Built In. “We surpassed what we anticipated happening in terms of demand and awareness of ‘headless’ content management. And we essentially found that we were leaving money on the table by not being able to address the demand fast enough.”
Contentstack is a CMS for marketers and developers. The system is designed to manage content across various digital channels and encourage collaboration between marketers and developers. Businesses such as Chase, Holiday Inn, Sephora, McDonald’s, Riot Games and Mattel use Contentstack’s platform.
The recent funding round will be used to expand the company’s international presence in Europe and hire additional employees.
Although headquartered in San Francisco, Contentstack has offices in Mumbai, Amsterdam and Austin. The company’s Austin office opened in August of 2019 when Sampat moved to the Lone Star State. Since then, Contentstack’s local presence has grown from seven people to 15 and is now nearing the size of the company’s San Francisco headquarters, which has 20 employees.
Sampat said she plans to grow Contentstack from its current 227 employees to 300 next summer.
“We anticipate that we will be across all the regions where we are but I am pushing for Austin,” she said. “The roles that we will be hiring for in Austin will be across product and then marketing and customer success and sales.”
In the meantime, the company is actively hiring for 18 positions, including a sales engineer and two customer success managers in the U.S.
In addition to hiring, the influx of cash from Georgian, a fintech company that invests in high-growth software companies, will enable Contentstack to use AI and machine learning.
“Now, with access to our technology platform, Contentstack can not only gain operational efficiencies but also supercharge the innovation, experience and support it offers to customers and partners,” Emily Walsh, lead investor at Georgian, said in a statement.
Since Contentstack's last funding round, a $31.5 million Series A round in 2019, the company has grown its customer base 150 percent and saw product traffic grow 60x.
“It’s crazy,” Sampat said. “What happened in the last year, if you think about all the retail and commerce and people begin at home buying things. ... All of that drove a lot of traffic, a lot of growth and the highest numbers we've seen ever.”
