Splashtop and Sapphire Ventures - A story of friendship and partnership
Enabling the Future of Work & Education: Why Sapphire Ventures is Excited to Continue Partnering with Splashtop
Earlier today, Splashtop announced $50M in new funding, achieving a coveted $1 billion valuation. This latest round was primarily led by existing investor Sapphire Ventures, a leading venture capital firm that partners with visionary teams and venture funds to build companies of consequence.
Splashtop’s story with Sapphire Ventures started in 2010 with an MIT college friendship between the Splashtop founders that later turned into a professional partnership two decades in the making and across multiple companies.
In celebration of the new announcement, Sapphire Ventures shared their full Splashtop story in their blog. We summarize it below.
1. Best in Class Solutions = Explosive Product-Led Growth
Splashtop delivers its remote solutions via a fluid and smooth experience for users at a fraction of the cost of competitors. Customers love the product (4.8 stars on G2Crowd and 93 NPS), and historically, the business has spent very little on sales and marketing, including zero outbound sales effort to-date.
In the past year, Splashtop’s 160%+ YoY growth has been driven by the increasingly popular product-led growth model. In other words, most of Splashtop’s sales have been and continue to be true self-service with product touch alone. Additionally, Splashtop delivers exceptional customer service (CSAT 90%+), resulting in consistent net dollar retention of over 115 percent.
As Splashtop sees demand skyrocket for its products, the market is ripe for remote-work technologies, with nearly two-thirds of U.S. workers willing to continue working remotely beyond the pandemic.
2. Making a Big Splash with Remote Learning
When schools shut down last year due to COVID, most students faced disruptions in their education, including being unable to access school and university computers in real-time. Splashtop’s high-performance remote lab access solution enables over 200 schools to provide students with seamless remote access from any device such as Chromebooks, iPads, Android tablets, and personal laptops to school computers. Students get high-performance remote connections, multi-monitor viewing, remote audio, and up to 4K video streaming for Windows and Mac computers so that their learning experience is uninterrupted.
3. Many Avenues of Growth Still Ahead
Splashtop undoubtedly benefited from the remote work and distance learning trends that have been growing in popularity pre-COVID, but exploded during the last 11 months. Splashtop plans to leverage this new round of funding to invest in and develop new avenues of growth, including growing Splashtop Enterprise, launching new products in adjacent, but complementary areas such as collaboration and ZTNA (zero-trust network access) solutions, geographic expansion, new verticals, and more.
About Sapphire Ventures
Sapphire Ventures is a leading venture capital firm that partners with visionary teams and venture funds to build companies of consequence. For nearly two decades, Sapphire has been investing capital, resources, and expertise in innovative startups and technology-focused venture funds worldwide. With more than $4B in AUM across Sapphire Ventures, Sapphire Partners, and Sapphire Sport, and with team members in Austin, London, Palo Alto, and San Francisco, Sapphire is well-positioned to help scale companies and venture funds, elevating them to become global category leaders. To learn more about Sapphire Ventures, visit sapphireventures.com.