Marketing automation system Klaviyo raises $320 million at over $9 billion valuation

(Reuters) – Klaviyo stated on Tuesday it experienced elevated $320 million in its most up-to-date funding spherical, valuing the information and marketing automation system at much more than $9 billion.

The Sequence D spherical, which comes months immediately after the company’s $200 million Series C funding, was led by investment team Sands Money and delivers the complete cash raised so much to far more than $675 million, the Boston, Massachusetts-primarily based firm explained.

Its other new buyers contain Morgan Stanley’s expense arm Counterpoint International and former Salesforce.com’s co-main executive officer Keith Block, with participation from present buyers these types of as enterprise capital company Accel and Summit Partners, the company claimed.

Started in 2012, Klaviyo delivers info analytics to on the internet organizations and has additional than 70,000 paying prospects.

The enterprise said it designs to use the proceeds from the funding round for product or service development, enhanced marketing as perfectly as product sales and hiring.

The COVID-19 pandemic has compelled shoppers to flock to e-commerce marketplaces to order everything from necessities to electronics, boosting need for providers like Klaviyo, which automate and personalize relevant communications, marketing and marketing and advertising campaigns.