KKR-backed OneStream Software has been valued at $6bn and secured $200m in series B funding. The financing will be used to accelerate OneStream’s global expansion and innovation across its intelligent finance platform as the company capitalises on record market demand.

D1 Capital Partners, which has emerged as a leading investor in disruptive growth companies including Procore, Snowflake, Stripe, Unity Software and SpaceX, led the all primary funding round, with participation from Tiger Global and Investment Group of Santa Barbara (IGSB).

Having been valued at $1bn just two years ago, the surge in OneStream’s market price reflects the increased demand for its enterprise-focused financial software over the last 12 months, with the company achieving 86 percent growth in annual recurring revenue in 2020 and scaling its customer base by 40 percent to over 650 enterprises worldwide.

Tom Shea, CEO of OneStream, said: “Following on the strategic investment we received from KKR in 2019, we are excited to bring on marquee investors such as D1 Capital Partners, Tiger Global and IGSB to help accelerate our growth. The valuation is great recognition of the value our employees and stakeholders have helped to create, as well as the exciting opportunities ahead for OneStream.”

Andrew Wynne, principal at D1 Capital Partners, added: “OneStream’s platform delivers exceptional customer value. Management’s intense focus on customer success has enabled OneStream to capture significant market share from incumbents, while posting strong growth in both revenue and customer acquisition. We believe OneStream has both the vision and product required to be a dominant force in its industry.”