Otter.ai raises $320 million from General Catalyst's growth fund for its meeting tool
Meeting note-taking tool Otter.ai announced on Tuesday that it has raised $320 million from General Catalyst's Customer Value Fund (CVF), which provides capital to startups without diluting equity and gets returns on the results of marketing spend.
TL;DR
- Otter.ai raised $320 million from General Catalyst's Customer Value Fund (CVF).
- Funds will be used for enterprise growth, go-to-market strategy, international expansion, and product innovation.
- Otter.ai previously raised $50 million, with its last round in 2021.
- The company achieved over $100 million in annual recurring revenue (ARR) last year.
- 40 million users have used Otter's product to date.
- The company is facing competition from other well-funded meeting notetaking products.
- Otter is developing features to provide insights before, during, and after meetings.