– USA, CA – Gong.io, the revenue intelligence platform leveraging artificial intelligence to transform revenue teams, today announced it raised $200 million in Series D funding led by Coatue alongside 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.
The new funding brings the valuation to $2.2 billion. The new investment follows Gong’s $65 million Series C funding announced in December 2019. Gong’s total funding raised is now $334 million.
The investment comes on the heels of 2.5X revenue growth year-to-date in 2020 and reflects strong demand for Gong’s Revenue Intelligence Platform due to working from home and the heightened importance of remote selling. Gong’s innovation mindset has powered the company’s rapid growth, enabling it to quickly surpass competitors and take a commanding lead of the revenue intelligence market.
Gong’s software helps companies make better decisions that are based on reality, not opinions. It automatically captures the full range of a company’s interactions with customers – via emails, web conference calls, phone calls, and more – reducing the risk of incomplete or data. Gong then uses patented AI technology to understand what exactly is being said in these customer interactions. 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 five times 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.
“Revenue intelligence is an exciting category in sales technology,” said Alex Kayyal, Partner at Salesforce Ventures. “We were impressed with Gong’s strong market traction and the resounding enthusiasm expressed by their customers.”
Co-founded by Amit Bendov, CEO, and Eilon Reshef, Chief Product Officer, Gong has been on a hyper-growth trajectory.
“We made a bold prediction in 2016 that Gong’s technology would become the most significant innovation for sales since the invention of CRM,” said Gong CEO and Co-founder, Amit Bendov. “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 will use the new funding to fulfill strong market demand for its Revenue Intelligence Platform, reinforce its market leadership, and invest in its product, engineering and go-to-market teams.
About Gong
Gong enables revenue teams to realize their fullest potential by unveiling their customer reality. The patented Gong Revenue Intelligence Platform captures and understands every customer interaction, then delivers insights at scale, empowering revenue teams to make decisions based on data instead of opinions. Over 1,200 innovative companies like Zillow, Slack, PayPal, Twilio, Autodesk, Shopify, Hubspot, SproutSocial, Zoominfo, Outreach, MuleSoft, and LinkedIn trust Gong to power their customer reality. With Gong, customers experience improved win rates, increased deal sizes, and accelerated employee ramp-times. Gong is a private company headquartered in San Francisco.
For more information: https://www.gong.io/
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