Otter.ai has closed $320 million in repayable growth financing from General Catalyst’s Customer Value Fund, using non-equity capital to build enterprise sales and turn broad organic workplace adoption into paid company accounts. Chief Executive Sam Liang told Reuters that Otter must repay the capital with interest as the funded sales and marketing spending generates revenue.
General Catalyst says its Customer Value strategy pre-funds sales and marketing. The fund is paid only if and when that spending produces customer value, up to a fixed cap, rather than through a conventional fixed debt schedule. Otter has not disclosed its repayment cap or other transaction terms.
Otter plans to double or triple its sales and marketing budget, enlarge a sales team Liang described as small and spend more heavily outside the United States. The company aims to at least double enterprise revenue in 2027, but it did not disclose current enterprise revenue or its contribution to total sales.
Otter captures meetings on Zoom, Microsoft Teams and Google Meet, identifies speakers and turns conversations into searchable transcripts, summaries and action items. It is also testing contextual pre-meeting briefs and a feature that lets users question the assistant during a call.
Its software can connect earlier conversations with data from customer-management and project-management systems. Employees can retrieve prior client discussions, while an integration can turn action items agreed during a Zoom call into tasks in Asana.
Otter says 40 million people have used the product, up from 25 million in March 2025. Its users are present at more than 86% of Fortune 500 companies, but Reuters reported that much of that adoption was organic rather than companywide purchasing. Otter did not disclose monthly active users, churn or the proportion who pay.
For scale, the new financing is more than six times the size of Otter’s $50 million Series B in 2021, which included a $10 million convertible note. Otter said in March 2025 that it had passed $100 million in annual recurring revenue but has supplied no updated figure; Liang told Reuters that an eventual initial public offering would follow further enterprise growth.