Otter.ai announced on Tuesday that it has raised $320 million from General Catalyst's Customer Value Fund (CVF). Unlike traditional equity funding, CVF provides capital in exchange for a share of the returns from marketing spend, so Otter retains ownership. The startup said it will use the money for enterprise growth, go-to-market strategy, international expansion, and product innovation.
The company, which has been around for nearly a decade, had raised only $50 million in total prior funding, with its last round in 2021. Last year, Otter crossed $100 million in annual recurring revenue, and it says it is approaching new milestones, though it did not provide updated figures. It also said 40 million users have used its product to date, up from 25 million last year, but did not share monthly active users or churn data.
Otter faces a crowded field of meeting note-takers, including Fireflies.ai, Granola, Read AI, and newer entrants like Calendly, Wispr, and Superhuman. Many of these tools are moving beyond transcription to connect with enterprise systems and automate workflows. Otter is doing the same, experimenting with pre-meeting briefs and a live assist feature that lets users ask questions during a call. Newly appointed CMO Alex Gay said the company sees a big opportunity in turning transcripts into actionable roadmaps for people in back-to-back meetings, where recapping previous conversations wastes time.