Software-as-a-Service (SaaS) unicorn Icertis on Monday said that Silicon Valley Bank has invested $150 million in funding in the form of a revolving credit facility and convertible financing from Silicon Valley Bank. Silicon Valley Bank, a commercial bank, is the California bank subsidiary of SVB Financial Group.
Icertis has raised $75 million in convertible debt and secured a $75 million revolving credit facility out of the $150 million in financing. According to the company, this financing has no effect on the company’s valuation.
Company in a statement said that it plans to deploy the capital to extend the company’s leadership position in the contract lifecycle management (CLM) category.
United States based Icertis, headquartered in Washington, has an office in Pune, Maharashtra in India. In March last year, the firm had previously raised $80 million (around Rs 580 crore) in a Series F round. Furthermore, the company had bagged $115 million (around Rs 791.6 crore) in a Series E round in July 2019. PremjiInvest and US-based Greycroft Partners led the funding round, had propelled the firm into the unicorn club.
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