Paris-based customer relationship management company Brevo has raised €500 million ($583 million) in new equity funding, pushing its valuation above $1 billion and marking its entry into the ranks of unicorn startups as it expands competition with major CRM providers.
Funding round and market expansion plans
Brevo said the new capital will be used to accelerate growth in Europe and the United States, where it aims to compete more directly with companies such as HubSpot and Salesforce. The U.S. currently accounts for 15% of Brevo’s revenue and is one of its three largest markets alongside France and Germany.
Chief executive Armand Thiberge told TechCrunch that the U.S. should represent a much larger share of the company’s business, citing its size as half of the global CRM market.
Business origins and customer base
Formerly known as Sendinblue, Brevo was founded in 2012 as an email marketing tool for small businesses. It later expanded into the mid-market segment and adopted a new name to reflect its broader product offering.
The company now reports more than 600,000 customers worldwide, including large enterprises such as Carrefour, eBay, and H&M, in addition to small businesses.
Revenue growth targets and financial position
Brevo surpassed $100 million in annual recurring revenue in 2023. The company said it has now exceeded its €200 million ARR target for 2025 earlier than planned and has set a €1 billion ARR goal for 2030.
By comparison, Salesforce is targeting $41.55 billion in revenue for 2026. Brevo said its latest equity round adds to previously secured debt financing and that it currently operates with “double-digit EBITDA margin.”
Investment focus on AI, acquisitions, and the U.S.
The company said it plans to invest €50 million in artificial intelligence development over five years and has completed 11 acquisitions to date. It expects acquisitions to contribute 45% of its €1 billion revenue target for 2030.
Brevo also said it plans to spend more than €100 million expanding in the U.S. market using the new funding.
Ownership structure after the funding round
Brevo did not disclose its precise valuation but provided details on its updated shareholder structure. The company said management and employees retain the largest single stake at 26%.
New investors General Atlantic and Oakley Capital each acquired 25% stakes. Existing investors Bpifrance and Bridgepoint retained 24% each. Series A lead investor Partech exited its position as part of the transaction.
Product scope and platform capabilities
Brevo continues to offer email marketing services, where it competes with platforms such as Mailchimp. It has expanded into a broader all-in-one customer communication and data platform.
Its services now include marketing automation, CRM, customer data management, and communications across email, SMS, WhatsApp, live chat, push notifications, and integrated sales calls. The company said AI features are increasingly embedded through both in-house development and integrations.
Featured image credits: Freepik
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