Byron Deeter, a prominent cloud-computing investor and partner at Bessemer Venture Partners, led ScaleFactor's $30 million funding round. Even as doubts about its product emerged, ScaleFactor scored a term sheet for a $60 million funding round at the start of June 2019. Coatue Management, a large technology investor overseeing $16 billion in assets, led the new funding round, joined by Bessemer, Canaan and others. Some customers were offered discounts in exchange for a reference; others were signed on without billing information, former sales employees say. “We really thought we could automate the entire back office of a small business,” Rathmann said.

Source: Forbes July 20, 2020 11:03 UTC