Clay, the AI-powered go-to-market (GTM) platform, has announced a significant milestone, raising $100 million in Series C funding at a post-money valuation of $3.1 billion. This latest investment, co-led by New Enterprise Associates (NEA) and existing investor Meritech Capital, underscores strong investor confidence in Clay's innovative approach to sales and marketing automation. The news follows a period of rapid expansion for the company, which has seen its revenue grow six-fold in 2024 alone.
The platform specializes in data enrichment, outreach automation, and the creation of sophisticated GTM workflows, leveraging artificial intelligence to streamline operations for businesses. Clay's proprietary AI agent, Claygent, is designed to conduct extensive research and summarize information, significantly reducing manual effort for GTM teams. This capability allows companies to quickly gather and act on high-quality data, transforming their growth strategies.
The $100 million Series C brings Clay's total capital raised to over $200 million, building on previous rounds including a $40 million Series B expansion in January 2024, which valued the company at $1.25 billion. This rapid increase in valuation reflects Clay's impressive growth trajectory, with the company reporting 10x year-over-year growth for the past two years. The fresh capital will primarily be allocated to accelerating product development, expanding its global team, and further enhancing its AI capabilities.
Co-founder and CEO Kareem Amin stated, "We are building the foundational layer for GTM engineering, enabling businesses to transform their growth strategies with data and AI." Co-founder and CTO Varun Anand added, "Our vision is to empower every GTM team to become an engineering team, capable of building and iterating on their own growth engines." This vision has resonated with a diverse customer base, including industry leaders like OpenAI, Canva, Anthropic, Ramp, and Rippling.
The company's success has garnered praise from prominent figures in the venture capital community. Mike Vernal, a notable investor, lauded Clay's trajectory on social media, stating, "> Clay (@clay_gtm) and its community just continue to compound and grow in such an impressive, unique, organic way. Like Figma sometimes the good folks win. Congrats @kareemamin, @vxanand et al!" This sentiment highlights the organic and impactful nature of Clay's market penetration and community development.
Clay is poised to continue its expansion, recently being named to Wing Venture Capital's 2024 Enterprise Tech 30 list. The company is also preparing to host its first annual user conference, Sculpt, on September 17 in San Francisco, where it plans to showcase new features and share insights on best practices in GTM engineering. This event will further solidify Clay's position as a leader in the evolving landscape of go-to-market strategies.