Sharpen Technologies spears another $14M in growth capital

Sharpen Technologies, an Indianapolis-based developer of cloud-based customer service software, has secured another $14 million in growth capital, following two rounds since 2019 worth $27 million.

The round was led by Washington D.C.-based Multiplier Capital and San Jose-based Bridge Bank. Existing investors, including St. Louis-based Cultivation Capital, also participated in the round.

The capital raise comes just eight months after the company raised $12 million in capital last September. The company raised another $15 million in capital in March 2019.

The latest round of financing brings the total amount raised by Sharpen to over $55 million. It follows a year when the company experienced more than 100% growth in revenue and a 40-plus% increase in new bookings, company officials said.

At the same time, Sharpen was named to the 2020 Inc. 5000 list of fastest-growing private companies in America, based on a growth rate of 137% over the last three years. Company officials told IBJ they do not disclose revenue figures.

Sharpen has 84 full-time employees, 75 of those in Indianapolis, and plans to add up to another 15 by the end of this year.

The company, founded in 2011 and known as Fathom Voice until 2016, promotes its software platform as a tool for enhancing customer service by providing better support and training for call-center agents.

“Sharpen offers a differentiated, cloud-native solution with a strong growth profile, an established market presence, and an experienced management team,” Multiplier general partner Wilson King said in a written statement. “We’re excited to partner with management and the existing investors to support the company’s continued growth and success.”

According to Gartner, only 15% of the estimated $24 billion contact center market had transitioned to the cloud prior to the pandemic. New industry data from the research firm finds that 35% of the customer experience workforce will work from home by 2023, up from 5% in 2017.

Sharpen’s cloud-based omnichannel platform, lets agents work from anywhere with just a PC, headphones and internet connection.

“Our ability to attract investment partners of the caliber of Bridge Bank and Multiplier is a vote of confidence in our business model,” said Sharpen CEO Bill Gildea. “By giving agents the tools and data they need to succeed, we succeed too. Our customers, in some cases, are saving more than they are spending with us, while we continue to shake up the contact center space and increase market share.”