Lithium Technologies, the leader in Social Customer Experience, announced that it has completed a $53.4 million round of financing, led by prominent new investor New Enterprise Associates and including new investor SAP Ventures as well as all existing Lithium investors and several key industry advisors. The financing round will accelerate Lithium’s growth and cement its leadership position in the fast-growing market for cloud-based Social Customer Experience solutions.
Additionally, Lithium announced that Pete Sonsini, New Enterprise Associates (NEA) Partner and Co-Lead of NEA’s Enterprise, Infrastructure & Services (EIS) practice group, will join Lithium’s board of directors. The appointment of Sonsini, a recognized leader in venture capital and former VMware executive, builds on Lithium’s recent world-class board and executive leadership appointments.
The addition of both NEA and SAP Ventures adds significant additional strength to Lithium’s existing investor base and validates the future opportunity for Lithium and its customers. Significant recent investments by NEA include Workday and Groupon. SAP Ventures’ significant recent investments include Box and LinkedIn. The latest funding round also includes additional investments from all existing Lithium investors, including Benchmark Capital, DAG Ventures, Emergence Capital, Greenspring Associates, Shasta Ventures and Tenaya Capital.
Lithium plans to use funds from this Series D funding round to substantially increase its sales and marketing investments across new and existing geographies, aggressively grow its digital agency ecosystem and significantly increase ongoing investment in engineering, new product development and service delivery for existing customers.