Accel and 83North back $50m series-B for Celonis

The investment gives the firm an enterprise value of $1bn and will be used to accelerate hiring and global expansion plans after successful growth in the US.

The company's US sales team has grown tenfold in the last year with offices in Boston, Raleigh and Miami, and plans to open mid-west and west-coast offices in the coming months. The firm's US headquarters opened 18 months ago in New York.

Since branching into the US, Celonis has added Merck, Lockheed Martin, ExxonMobil and Uber to its customer base.

The firm will also expand its R&D efforts.

Previous funding
In June 2016, Accel and 83North led a $27.5m series-A funding round.

Company
Founded in Munich in 2011, Celonis uses the digital footprint left by a firm's IT systems to analyse the efficiency of its business processes. Since 2016, it has grown from a team of 50 to around 300.

People
Accel – Harry Nelis (partner).
Celonis – Alexander Rinke (co-founder, co-CEO).
83North – Laurel Bowden (partner).

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• Topics
• Expansion
• Technology
• DACH
• Accel Ventures
• Germany