Cloud based sales software enterprise Pipedrive has raised $50m from Series C investors to develop its class leading CRM services in a market that is now worth more than $40bn according to recent data published by Gartner.

Sales teams around the world now rely on Pipedrive's CRM software and the latest round of venture capital funding, which takes the total investment tally to $80m, will allow it to expand its research and development activities, invest in new functionalities, enter new markets and improve the efficiency of its services.

"Sales teams are more important to companies than ever in a hyper-competitive environment, highlighting the need for Pipedrive's innovative and streamlined CRM software," Insight Venture Partners Principal, Teddie Wardi said. "We are thrilled to welcome the Pipedrive team into our portfolio, and help lead their growth and expansion in this next phase of their global journey."

Pipedrive's software is popular with sales departments as it provides them with complete control over the sales pipeline, makes it easier to complete meaningful activities and push buyers along the cycle to close deals. Users claim it has driven conversion rates and sales significantly, and supported greater collaboration and data accuracy.

Pipedriver serves more than 75,000 customers in 170 countries from its headquarters in New York and Tallinn. The company's strong accounting rate of return (ARR), global reach and loyal customer base, in addition to its eight-year run of triple digit growth, made it an attractive proposition for venture capitalists, which include previous investors Bessemer Venture Partners and Atomico.

SaaS CRM is currently thriving and is now the largest application software market according to Gartner. Sales teams can look forward to leveraging new tech such as advanced analytics, AI and machine learning in this area during the next three years.