- Gong — a revenue intelligence platform that utilizes AI to transform revenue teams — announced that it has raised $200 million in a Series D round of funding
Gong — a revenue intelligence platform that utilizes AI to transform revenue teams — announced that it has raised $200 million in a Series D round of funding. This brings the company’s valuation to $2.2 billion. And the new investment follows Gong’s $65 million Series C funding round in December 2019.
This funding round was led by Coatue and joined by Index Ventures, Salesforce Ventures, and Thrive Capital with participation from existing investors Battery Ventures, NextWorld Capital, Norwest Venture Partners, Sequoia Capital, and Wing Venture Capital. Including this funding round, Gong has raised a total of $334 million.
This investment comes on the heels of 2.5x revenue growth year-to-date in 2020 for the company. And it reflects strong demand for Gong’s Revenue Intelligence Platform due to working from home and the heightened importance of remote selling.
Gong’s innovation has powered the company’s rapid growth, enabling it to quickly surpass competitors and take a commanding lead of the revenue intelligence market. And Gong’s software helps companies make better decisions that are based on reality rather than opinions.
Plus it automatically captures the full range of a company’s interactions with customers via emails, web conference calls, phone calls, etc. thus reducing the risk of incomplete or data.
Then Gong uses patented AI technology to understand what exactly is being said in these customer interactions. And it helps companies uncover patterns and trends in the data, leading to insights that can help increase sales, reduce churn, and increase market share.
With a customer base 5x larger than its nearest competitor, Gong’s underlying AI has a commanding advantage to learn and adapt to rapidly changing trends and provide more thoughtful recommendations that drive superior business outcomes.
Co-founded by CEO Amit Bendov and chief product officer Eilon Reshef, Gong has been on a hyper-growth trajectory. And the company’s achievements to date include a rapidly-expanding customer base (currently over 1,100), including such names as Autodesk, Hubspot, LinkedIn, MuleSoft, Outreach, PayPal, Shopify, Slack, Twilio, Zillow, and Zoominfo. And the company has seen over 64,000 sales and support professionals using the platform.
Gong plans to use the new funding to fulfill strong market demand for its Revenue Intelligence Platform and reinforce its market leadership along with invest in its product, engineering, and go-to-market teams.
KEY QUOTES:
“Revenue intelligence is an exciting category in sales technology. We were impressed with Gong’s strong market traction and the resounding enthusiasm expressed by their customers.”
— Alex Kayyal, Partner at Salesforce Ventures
“We made a bold prediction in 2016 that Gong’s technology would become the most significant innovation for sales since the invention of CRM. The market has proven that prediction was correct. With global sales teams switching to remote work and field sales teams grounded for the foreseeable future, we are seeing substantial demand for Gong’s solution even in a challenging business environment. There is a new way to win in sales and the best sales teams are turning to Gong’s Revenue Intelligence Platform to guide them down that path.”
— Gong CEO and Co-founder Amit Bendov
