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FUNDING • • 4 min read

Rox Raises a $100M Series B at a $1.3B Valuation

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Thumbnail for: Rox Raises a $100M Series B at a $1.3B Valuation

Rox said on November 11 that it raised a $100 million Series B at a $1.3 billion valuation. General Catalyst and March Capital co-led. The San Francisco company sells AI agents that do sales work inside systems a customer already runs. Fortune framed the round as a bet against Salesforce.

The numbers

  • $100 million at a $1.3 billion valuation. The PR Newswire release, Fortune, and Reuters all use those figures.
  • General Catalyst and March Capital co-led, in all three accounts.
  • The release and Reuters say Sequoia Capital and Factory are putting in more, and that new investors include Databricks Ventures and Prosperity7 Ventures. Fortune says Sequoia and GV are returning and Prosperity7 is new.
  • The release says annual recurring revenue grew more than tenfold in the first year on the market. It also says net revenue retention is above 700 percent. Fortune says revenue grew more than tenfold since the first year after launch. The dollar base is not disclosed.

Where the money goes

The release says the capital goes to AI research, custom models, evaluation infrastructure, and more work with large enterprises in healthcare, industrial businesses, financial services, energy, and technology. Fortune says Rox plans to expand its U.S. sales, marketing, and commercial team fivefold next year. The release says this round follows a $50 million seed and Series A announced in November 2024.

Founders named in the release are Ishan Mukherjee, Shriram Sridharan, and Diogo Ribeiro. Fortune also names Stanford professor Christopher Ré as a cofounder. The release's about line lists GV among the company's backers. The sentence that describes this round does not.

There is a long graveyard of companies that said they'd take on Salesforce.

Marc Bhargava, managing director at General Catalyst, in the November 11 release

The release says the Rox agent generates pipeline, qualifies leads, books meetings, manages deals, and expands accounts inside a customer's existing systems. Reuters describes the same sales work and names Puma, Groq, and Ramp as customers, citing the company website. Fortune names Ramp, New Relic, Trafigura, MongoDB, Groq, and America's Auto Auction. Mukherjee told Fortune he does not think Salesforce is the right partner for CEOs who want agents doing customer-facing commercial work.

What we are watching

The amount, the valuation, and the two co-leads match. The rest of the cap table does not. Factory and Databricks Ventures are in the company release and in Reuters. GV is in Fortune's account of who came back, and in the release's about line as a backer. A later note that puts GV, Factory, and Databricks Ventures on one list would settle the round. The tenfold revenue growth and the 700 percent retention figure are as Rox stated them.

Quick answers

What happened with Rox?
Rox said on November 11 that it raised a $100 million Series B at a $1.3 billion valuation. General Catalyst and March Capital co-led. The San Francisco company sells AI agents that do sales work inside systems a customer already runs. Fortune framed the round as a bet against Salesforce.
What are the key numbers?
$100 million at a $1.3 billion valuation. The PR Newswire release, Fortune, and Reuters all use those figures. General Catalyst and March Capital co-led, in all three accounts.
What will the money be used for?
The release says the capital goes to AI research, custom models, evaluation infrastructure, and more work with large enterprises in healthcare, industrial businesses, financial services, energy, and technology. Fortune says Rox plans to expand its U.S. sales, marketing, and commercial team fivefold next year. The release says this round follows a $50 million seed and Series A announced in November 2024.
What happens next?
The amount, the valuation, and the two co-leads match. The rest of the cap table does not. Factory and Databricks Ventures are in the company release and in Reuters. GV is in Fortune's account of who came back, and in the release's about line as a backer. A later note that puts GV, Factory, and Databricks Ventures on one list would settle the round. The tenfold revenue growth and the 700 percent retention figure are as Rox stated them.

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