Brevo Raises $583 Million in Funding, Challenges CRM Giants Like Salesforce

Paris-based customer relationship management (CRM) firm Brevo has joined the "unicorn" club—startups valued at over $1 billion—after securing €500 million ($583 million) in its latest equity funding round. The capital will fuel its expansion plans, including competing with industry leaders like Salesforce and HubSpot in Europe and entering their home turf, the U.S. market.

Originally launched as Sendinblue in 2012, Brevo started as an email marketing solution for small businesses. It has since evolved into a mid-market player, rebranding to reflect its broader product suite. Today, Brevo serves over 600,000 clients, ranging from small businesses to major corporations like Carrefour, eBay, and H&M.

The U.S. currently accounts for 15% of Brevo’s revenue, alongside France and Germany as its top three markets. However, CEO Armand Thiberge aims to significantly increase this share, stating, "The U.S. represents 50% of the global market, so it should contribute 50% of our revenue."

Brevo’s growth metrics are promising: its annual recurring revenue (ARR) surpassed $100 million in 2023, earning it "centaur" status (startups with ARR exceeding $100 million). The company has already achieved its 2025 target of €200 million ARR ahead of schedule and aims to reach €1 billion by 2030. Still, this pales in comparison to Salesforce’s $41.55 billion revenue target for 2026.

Thiberge emphasized that Brevo’s "unicorn" status and fresh funding (combined with existing debt financing) will bolster its competitive edge. The company plans to allocate €50 million over five years to AI development and pursue acquisitions—a key growth lever, with 11 deals completed so far. Over €100 million will be earmarked for U.S. market expansion.

While Brevo didn’t disclose its post-funding valuation, it revealed an updated cap table: management and employees hold the largest stake (26%), with new investors General Atlantic and Oakley Capital each owning 25%. Existing backers Bpifrance and Bridgepoint retain 24%, while early investor Partech has fully exited.

Brevo’s global shareholder structure aligns with its ambition to become "Europe’s homegrown global CRM leader, competing with U.S. rivals through superior product offerings." Thiberge stressed, "The best product wins—this race hinges on delivering comprehensive yet user-friendly solutions."

To serve diverse clients, Brevo has expanded beyond email marketing (where it competes with Mailchimp) into an all-in-one platform integrating marketing automation, CRM, and multichannel communication (email, SMS, WhatsApp, chat, push notifications, and sales calls). AI enhancements, via external integrations or in-house R&D, further differentiate its offerings.

Acquisitions remain central to Brevo’s strategy, with 45% of its €1 billion 2030 revenue target expected from M&A. The company’s aggressive buyout pipeline underscores its ambition to scale rapidly.