General Catalyst's Customer Value Fund (CVF) has provided $320m in growth financing to Otter.ai, an AI meeting notetaker and transcription company based in Mountain View, California, to fund enterprise growth, go-to-market strategy, international expansion and product innovation.
The financing is repayable rather than equity, avoiding shareholder dilution, Reuters reported, citing Otter.ai CEO Sam Liang. Otter.ai will repay the fund with interest as sales and marketing spending generates revenue. Liang told Reuters: "We do need to pay them back." Pricing, tenor and security were not disclosed.
Liang also said the fund could provide more capital once the initial amount is spent. TechCrunch has described CVF as providing capital to startups without diluting equity and generating returns from the results of marketing spend.
Liang said Otter plans to double or triple its sales and marketing budget, expand its small sales team and market more heavily abroad. Enterprise is its fastest-growing segment.
Pranav Singhvi, partner and co-founder of CVF at General Catalyst, said: "Voice is one of the biggest untapped opportunities in enterprise AI, and Otter is at the forefront of it."
Otter.ai has more than 40m users, up from 25m last year according to TechCrunch, and is used by teams at more than 86% of the Fortune 500. The US is Otter's biggest market, followed by Canada, Britain and India.
Otter's last round was a $50m Series B led by Spectrum Equity in February 2021, TechCrunch reported, citing PitchBook data. Otter said in December 2025 that it had crossed $100m in annual recurring revenue. Liang told Reuters the company plans an eventual IPO but wants to build more enterprise revenue first.