Quebec City-based Coveo has announced the close of a $35 million Series D round, led by IQ Venture Capital with participation from existing investors, including Tandem Expansion Fund, BDC Capital, Propulsion Ventures SEC, Fonds de solidarité FTQ, and Coveo CEO Louis Tetu. The new round brings Coveo’s total funding to $75 million.
The intelligent search company, which produces apps and services for enterprises, has had a string of success recently, posting quarterly records for new customers signed and doubling year-over-year revenue growth. Coveo was also recently recognized in Gartner’s Magic Quadrant for Enterprise Search as a visionary leader for the second consecutive year.
“Coveo is an innovative, cutting-edge company with an outstanding management team and a proven track record in the global technology arena,” said Pierre Gabriel Côté, CEO of IQ Venture Capital, in a statement to BetaKit. “Our investment will enable it to grow faster and clearly demonstrates our desire to help build a Quebec-based technology business able to stake out a leading position on the world stage.”
Tetu indicated that the new funding would be used to speed the launch of additional intelligent search apps for enterprise, as well as scaling sales, marketing, and R&D.
“With this round of funding, we will invest to bring these data-powered experiences to entirely new areas and ecosystems, replicating the immense success we have had to date, at scale,” he said.