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Marketing automation platform Klaviyo raises $320 mln at over $9 bln valuation

·1 min read

May 18 (Reuters) - Klaviyo said on Tuesday it had raised $320 million in its latest funding round, valuing the data and marketing automation platform at more than $9 billion.

The Series D round, which comes months after the company's $200 million Series C financing, was led by investment group Sands Capital and brings the total funds raised so far to more than $675 million, the Boston, Massachusetts-based firm said.

Its other new investors include Morgan Stanley's investment arm Counterpoint Global and former Salesforce.com's co-chief executive officer Keith Block, with participation from existing investors such as venture capital firm Accel and Summit Partners, the company said.

Founded in 2012, Klaviyo provides data analytics to online businesses and has more than 70,000 paying customers.

The company said it plans to use the proceeds from the funding round for product development, increased marketing as well as sales and hiring.

The COVID-19 pandemic has forced customers to flock to e-commerce marketplaces to purchase everything from essentials to electronics, boosting demand for companies like Klaviyo, which automate and customize relevant communications, advertising and marketing campaigns.

(Reporting by Akanksha Rana; Editing by Amy Caren Daniel)