Brevo, a Paris-based customer relationship management company, has now achieved unicorn status—a valuation of more than $1 billion. The startup has secured €500 million in fresh equity funding ($583 million), and it will use this capital to compete more aggressively with major CRM players like HubSpot and Salesforce not only across Europe but also in the U.S.
Formerly named Sendinblue, Brevo launched in 2012 as an email marketing tool for small businesses. The company later moved into the mid-market segment and rebranded to reflect its broader product portfolio. That strategy delivered strong results. Brevo now serves more than 600,000 customers, including small business owners as well as larger organizations such as Carrefour, eBay, and H&M. Additionally, the U.S. accounts for 15% of Brevo’s revenue, ranking as one of its three biggest markets alongside France and Germany. However, CEO Armand Thiberge intends to invest part of the new funding to fuel U.S. expansion.
“That’s 50% of the global market, so it should be 50% of our revenue,” the French entrepreneur said.
Although he expressed concerns about revenue distribution, the overall metrics continue to move upward.
After entering the centaur category in 2023 by surpassing $100 million in annual recurring revenue, Brevo has already exceeded its target of crossing €200 million in ARR in 2025 ahead of schedule, and it now aims to reach €1 billion by 2030, Thiberge revealed.
This growth still trails Salesforce, which has set its revenue goal at $41.55 billion for 2026. Nevertheless, the French company expects its unicorn status to elevate its visibility, supported by both the equity funding and previously secured debt. Additionally, Brevo reports maintaining a “double-digit EBITDA margin.” These financial resources have already backed its plans to invest €50 million in AI over a five-year period and to pursue acquisitions—11 so far—as a key driver of growth. The 1,000-employee company now plans to use the new capital to accelerate these initiatives and allocate more than €100 million toward its U.S. push, according to a press release.
Brevo did not reveal the precise valuation from its latest raise, but it shared more information about its updated cap table.
Although rumors suggested Brevo might be acquired, Thiberge clarified that its management and employees still control the largest stake at 26%, while new investors General Atlantic and Oakley Capital each acquired 25%. Existing investors Bpifrance and Bridgepoint kept 24% each, and Series A leader Partech fully exited. This global cap table reflects Brevo’s ambition to “build a global European CRM leader capable of competing with U.S. players through product excellence,” rather than relying on an argument centered around European sovereignty.
For Thiberge, “whoever has the best product wins, and it’s a race to see who can make the product that is both the most complete and the easiest to use.” He acknowledges the challenge of balancing the needs of both mid-market organizations and very small businesses. “I’m not saying it’s easy every day […] but for us, this combination has been incredibly successful.”
To support this wide customer base, Brevo has expanded far beyond its origins in email marketing. While it continues to compete with Mailchimp in that category, the company now provides a comprehensive platform that includes marketing automation, CRM, customer data management, and communication tools across email, SMS, WhatsApp, live chat, push notifications, and integrated sales calls.
AI increasingly enhances these capabilities, whether through in-house features or integrations. Expanding AI functionality drives part of Brevo’s acquisition strategy, while the other focus involves inorganic growth by acquiring competitors in key markets. Since the company expects acquisitions to contribute 45% of its €1 billion revenue target for 2030, its future M&A activity is likely to be substantial.
