Marketing automation platform Klaviyo has garnered $320 million in Series D funding, bringing its total financing to over $675 million and its valuation to $9.15 billion.
The round was led by new investor Sands Capital.
Also investing for the first time were Counterpoint Global (Morgan Stanley), Whale Rock Capital Management, ClearBridge Investments, Lone Pine Capital, Owl Rock Capital, Glynn Capital, and Keith Block, former co-CEO of Salesforce.
Existing investors Accel and Summit Partners also participated.
Klaviyo plans to use the money to drive growth through product development, increased marketing and sales and expansion into new international areas and verticals.
In addition, it expects to add 500 new employees this year to add to its existing headcount of 800 -- double what it was a year ago.
The company pulled in $200 million in Series C financing in November 2020.
The firm aims to help brands grow “without relying on the big ad platforms and marketplaces," states Andrew Bialecki, co-founder and CEO of Klaviyo.
Bialecki adds that email and SMS are the most direct channels there are." And he argues, "The bill of goods that's being sold is that you need third-party data and third-party infrastructure to be successful, and that's simply not true.”
Klaviyo now serves over 70,000 customers, a 110% increase over its total in 2019.