- Leading sales engagement platform Groove announced it raised $12 million in Series A funding
Leading sales engagement platform Groove announced it raised $12 million in Series A funding. Including this round of funding, the company has raised a total of $16 million. This round of funding welcomed new investors Level Equity and Capital One Ventures — who are joining existing investors Uncork Capital and Quest Venture Partners. The funding will be supporting Groove’s unique market position as the only sales engagement platform optimized for meeting the customization and security requirements of enterprise revenue teams.
Plus Groove is unique in that it is the only sales engagement platform built specifically for account executives, focusing on ease-of-use, advanced activity capture, and cross-team collaboration. This platform can also be configured to meet the complex requirements of different divisions and organizations within an enterprise. And it leads the industry with a unique architecture that ensures the highest levels of security and compliance.
There are over 50,000 account executive, sales development, and customer success representatives that use Groove at some of the world’s largest and fastest-growing companies, including Google, Uber, Atlassian, and Capital One.
One of the recent customer wins was Capital One, which implemented Groove to empower its field sales reps with productivity tools while providing sales leadership with real-time visibility into their daily sales activities and performance. And the success of the implementation drew the attention of additional business lines and the company’s investment division Capital One Ventures — who participated in the round.
“Groove has grown 103% year over year on average in a largely organic way and has invested deeply in product and engineering up until this point. This funding round enables us to drive greater awareness of our unique market position and competitive differentiation,” said Chris Rothstein, CEO of Groove. “Sales engagement platforms consistently rank as the number one most impactful sales technology investment that a company can make, and we are poised to lead the category’s expansion with a broad range of capabilities beyond the prospecting use case.”
– Groove.co CEO Chris Rothstein
“We believe that sales engagement will become a multi-billion-dollar market. Until now, the sales engagement market has been concentrated in the tech industry and focused on the prospecting use case. Other industries don’t have sales development teams dedicated solely to prospecting, but they do have thousands of sales reps trying to engage with their customers. Successful expansion into account executives will open the enterprise market for these platforms. We are seeing this trend accelerate post COVID-19 as companies that have been slower to adopt remote working technologies are forced to embrace digital transformation.”
– Craig Rosenberg, chief analyst and co-founder of TOPO Research
“When evaluating Groove as an investment, we felt that the company was poised to be the clear category winner. The sales engagement space is thriving right now, and Groove’s focus on supporting sophisticated AE use-cases and complex enterprise environments is setting them apart from the rest of the pack. As enterprises in new industries continue to adopt sales engagement platforms to make their revenue teams more productive, they will quickly see the unique advantages that Groove offers in terms of internal adoption, customization, and security.”
– George McCulloch, partner at Level Equity