Otter.ai raises $320M from General Catalyst's growth fund

General Catalyst’s Customer Value Fund (CVF) — a vehicle that funds startups without taking equity, earning its returns instead from the results of their marketing spend — has put $320 million into meeting-note startup Otter.ai. The company says the money will go toward enterprise sales, go-to-market strategy, international expansion, and product work.

Otter is roughly a decade old but had raised just $50 million before this round, with its last raise coming in 2021, according to PitchBook. Last year the company crossed $100 million in annual recurring revenue; it says it’s now nearing new milestones but hasn’t shared updated figures. Otter also says 40 million people have used its product, up from 25 million a year earlier — though it still won’t disclose monthly active users or churn, a notable gap in a market this crowded.

That market includes established players like Fireflies.ai, Granola and Read AI, newer entrants such as Calendly, Wispr and Superhuman — which recently acquired Fathom — and smaller notetakers Circleback, Talat and Quill. Most are pushing into enterprise systems to automate workflows from what gets captured in meetings, a direction Otter is following too: it has added a meeting assistant, cross-app search, and integrations with other AI tools, and is now testing pre-meeting briefings and a live, in-meeting assistant feature. Otter’s newly appointed CMO, Alex Gay, who joined from Superhuman, says the bigger opportunity is turning transcripts into an actionable plan for people stuck back-to-back in meetings.

Why it matters

With well-funded rivals converging on the same enterprise-workflow playbook, Otter’s real test won’t be raising capital — it will be proving customers stick around, a number the company still isn’t sharing.