What happened?
Meeting note-taking tool Otter.ai announced on Tuesday, October 20, that it has raised $320 million from General Catalyst's Customer Value Fund (CVF).
A different funding structure
CVF provides capital to startups without diluting equity, instead earning returns on the results of their marketing spend. In other words, this is not a classic equity-for-cash funding round.
Where the money goes
Otter.ai said it will use the funds across four main areas:
- Enterprise growth
- Go-to-market strategy
- International expansion
- Product innovation
AI-powered meeting tools offering transcription and summarization have been drawing growing interest from enterprise users, and Otter.ai is looking to scale in that market.
