SugarCRM nets third-round funding

SugarCRM, a seller of open-source software for managing customer relationships, announced a third-round investment Monday of $18.77 million.

New Enterprise Associates led the round and a general partner, Scott Sandell, joined SugarCRM's board. Earlier SugarCRM investors Draper Fisher Jurvetson and Walden International also participated, the Cupertino, Calif.-based company said.

SugarCRM raised $2 million in first-round financing in August 2004 and $5.75 million in second-round funding in February 2005. The company's software has been downloaded more than 350,000 times since it became available in July 2004, and 300 customers have paid for the Professional and Enterprise editions, SugarCRM said.