Otter.ai raises $320 million from General Catalyst’s growth fund for its meeting tool
Otter.ai has secured $320 million in funding from General Catalyst’s Customer Value Fund to support enterprise growth and product innovation. The company aims to leverage this capital to expand its market share in the competitive meeting note-taking space.
Why it matters
The significant investment highlights the high demand for AI-driven productivity tools in the enterprise sector and the intense competition among startups to automate workplace workflows.
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.
Otter.ai said that it will use these funds for enterprise growth, go-to-market strategy, international expansion, and product innovation.
The startup, which has been around for nearly a decade, has raised $50 million in total funding with its last round in 2021, according to PitchBook data.
Last year, Otter hit a revenue milestone after crossing $100 million in annual recurring revenue (ARR) . The company said it’s now approaching new milestones, but didn’t provide updated figures.
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