Groove, a leading sales engagement platform for account-based revenue teams, announced that they have secured $12 million in Series A funding, bringing total investment in the company to $16 million. This funding round welcomed new investors Level Equity and Capital One Ventures, who join existing investors Uncork Capital and Quest Venture Partners in supporting Groove’s unique market position as the only sales engagement platform optimized to meet the customization and security requirements of enterprise revenue teams. Groove’s Series A round was led by Level Equity.
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“We believe that sales engagement will become a multi-billion-dollar market,” said Craig Rosenberg, chief analyst and co-founder of TOPO Research. “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.”
Groove is unique in that it is the only sales engagement platform that was built specifically for account executives, focusing on ease-of-use, advanced activity capture, and cross-team collaboration. The platform can also be configured to meet the complex requirements of different divisions and organizations within an enterprise and leads the industry with a unique architecture that ensures the highest levels of security and compliance.
This strategic approach has resulted in Groove’s rapid adoption by some of the world’s fast-growing companies and traditional enterprises, including Google, Uber, Atlassian, BBVA, and Veola Water. Groove’s platform has been so well received that it has earned the highest customer satisfaction rating on G2 in the sales engagement category for two years running.
“When evaluating Groove as an investment, we felt that the company was poised to be the clear category winner,” said George McCulloch, partner, Level Equity. “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.”
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Capital One Comes on Board as Customer and Investor
Recent customer wins include 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. 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.”
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