Otter.ai raises $320 million from General Catalyst’s growth fund for its meeting tool

Otter.ai, a meeting note-taking tool, announced on Tuesday that it has raised $320 million from General Catalyst’s Customer Value Fund (CVF), which provides capital without diluting equity and earns returns based on marketing results. The funds will be used for enterprise growth, go-to-market strategy, international expansion, and product innovation. The startup, nearly a decade old, had previously raised $50 million in total funding, with its last round in 2021. Last year, Otter crossed $100 million in annual recurring revenue and now claims 40 million users, up from 25 million the previous year. However, it did not disclose monthly active users or churn rates. The meeting note-taking space is highly competitive, with rivals like Fireflies.ai, Granola, Read AI, and others. Otter is focusing on transforming transcripts into actionable roadmaps, experimenting with features like pre-briefs and a Live Assist AI assistant. New CMO Alex Gay highlighted the inefficiency of meetings and the opportunity to provide insights before, during, and after meetings.

(Source：TechCrunch)