Otter.ai takes $320M in non-equity growth financing from General Catalyst

Otter.ai will direct the $320 million toward enterprise growth, go-to-market work, international expansion and product development. The capital arrives through General Catalyst's Customer Value Fund, which pre-funds sales and marketing budgets. General Catalyst's claim is capped at a fixed amount and is settled only when the company collects revenue from those customers, so Otter avoids equity dilution and a fixed repayment schedule. Otter reports 40 million users to date, up from 25 million a year earlier. TechCrunch notes the company crossed $100 million in annual recurring revenue in 2025 and had raised about $50 million in total funding before this round, per PitchBook. It competes with Fireflies.ai, Granola and Read AI in meeting notetaking. For founders, the deal shows one way to fund customer acquisition once revenue is proven. Financing tied to marketing returns can stand in for new equity, but the capped structure means the provider's economics depend on how well that spending performs.