This story requires our BI Prime membership. To read the full article,Just three months after raising $30 million from venture capitalists, Moveworks has raised another $70 million from VCs led by Kleiner Perkins and ICONIQ.
He said Moveworks didn't seem to have momentum, but that has changed over the last few months. "They've really just pulled ahead of the rest of the competition as well as demonstrated that they have a product that really addresses the needs of an enterprise," he told Business Insider. The round also includes a personal investment from John W. Thompson, chairman of Microsoft and a partner at Lightspeed Ventures.
Mamoon Hamid, Kleiner Perkins managing director, said the Silicon Valley VC firm has been increasingly interested in this space, but passed on the opportunity to invest in the company's Series A round a few months ago. "With their Series A, they effectively had one or two beta customers using the product on a very small scale, like a small subset of an employee group inside a company using it," he said. "It was just very early.""At the time there were four companies doing something similar," he said. Moveworks "really just pulled ahead from the rest of the competition as well as demonstrated that they have a product that really addresses the needs of an enterprise.
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