Ninety Raises $35M Led by Blue Cloud Ventures to Develop Tools to Help SMB Leaders Transition to the New Era of Work
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The round, valuing the company at over $200M, will be used to fuel R&D, product development and hiring new talent to help bring business owners the tools that help develop lasting, successful companies
PARK CITY, Utah, November 16, 2023-- Ninety, the leading all-in-one cloud-based platform supporting many of the world's leading Business Operating Systems (BOSs), today announced that the company has raised a $35 million Series B round of funding, led by Blue Cloud Ventures with participation from Catalyst Investors and existing investor Insight Partners.
Ninety is a platform built for small to mid-size businesses (SMB) leaders wrestling with growth challenges to provide them with clear strategies and accountability structures to empower their teams to find success in the modern business environment. Valuing the company at over $200 million, this new round of investment will be used to provide impactful enhancements to what has already become an industry-leading platform.
Currently, Ninety's platform is being used by over 10,000 businesses and helping thousands of their coaches, like those associated with the Entrepreneurial Operating System® (EOS®), master the art and science of building a great organization. Since its inception in 2016, Ninety's average customer has consistently experienced more than 20% annual growth rates, as compared to the 2–5% annual growth rate associated with the average small to midsize business in the US.
"It is incredibly exciting to see a platform unleash the potential of small businesses and entrepreneurs," said Blue Cloud Ventures Principal, Eric Guardiola. "The opportunity to join Ninety in reshaping the way work is done — locally, regionally, nationally, or internationally — is extremely compelling for us. We believe Ninety and its partnerships with some of the world's leading coaching communities, is uniquely positioned to meet the needs of the ever-evolving world of work, and we couldn't be more happy to partner with them to make this happen."
Fueled by the increased demand for tools that make it easier for teams to successfully work from anywhere, Ninety has experienced over 80% year-over-year growth since the company was launched. This has brought the company to nearly $25 million in annual recurring revenue with net dollar retention that positions it in the upper quadrant of all software providers, not just those in SMB.
"What we are seeing today at Ninety is the evidence of how a relatively small collection of time-tested concepts, tools, and disciplines; a not inconsequential amount of technology; some great support from our coaching partners; and our world-class educational materials, can dramatically help owners transition from simply operating a business into having a lasting company that is built for the next age of work," said Founder and CEO of Ninety, Mark Abbott. "This round of funding comes at a crucial time as we are now developing additional tools that will help empower leaders and teams to cut through all of the static that exists in today's economy and create collective clarity among all their ideal stakeholders so they can help us all get a bit closer to achieving our true potential. For the ambitious leaders who are currently wrestling with growth challenges, we are the perfect companion to help them capture core data, document core processes, and instill humane based accountabilities that are essential for creating lasting success."
Founded in 2016, Ninety is currently helping more than 10,000 companies, and hundreds of thousands of their employees, harness the power of people and teams working as one. Ninety's simple, intuitive, fully integrated and secure suite of company-building tools has become the world's most sophisticated and comprehensive platform supporting business operating systems for SMBs. Ninety's expanding array of tools and features helps people run great meetings; build and monitor insightful scorecards; set, track, and achieve 90-day goals (aka Rocks); build, document, and share their organizational chart, vision, and core processes; and conduct quarterly and annual feedback sessions that are built around the data that's pulled from all the other tools. Ninety's fully integrated platform makes (as its founder loves to share) it easier for the employees of small to mid-size companies to work extraordinarily well together from wherever they are. For more information, visit ninety.io.
About Blue Cloud Ventures
Blue Cloud Ventures (BCV) is a software-focused growth stage venture capital fund headquartered in New York City. BCV targets best-in-breed companies globally across business application, infrastructure, and open source software companies. Some of BCV's past and present portfolio companies include Arctic Wolf Networks, Clari, Cloudbees, Druva, Go1, Iterable, NGINX, Pax8, and Wrike. For more information on BCV and our portfolio companies, please visit www.bluecloudventures.com.
About Catalyst Investors
Catalyst Investors is a growth equity firm based in New York. The firm's mission is to earn superior returns by helping entrepreneurs build great growth companies. Over the past 20 years, Catalyst has invested in rapidly-growing companies across the SaaS, tech enabled services, and internet infrastructure sectors, and has established a successful track record of partnering with entrepreneurs and helping companies scale. Recent investments and exits include Pax8, LinkSquares, Ekos, Weave, Clinicient, ChowNow, EDB, and PresenceLearning. For more information, visit www.catalyst.com.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of June 30, 2023, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
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