Demand for Highspot’s Category-Defining Platform Drives Successive, Record Quarters for Annual Recurring Revenue and New Customers
Highspot, a unified, natively-built sales enablement platform, announced it has closed $200 million in Series E funding led by Tiger Global Management, with participation from new investor Bain & Company. The round included all existing investors: ICONIQ Growth, Madrona Venture Group, OpenView, Salesforce Ventures, Sapphire Ventures and Shasta Ventures. The round values Highspot at $2.3 billion.
Highspot’s hyper-growth has been driven by the critical role sales enablement plays in a company’s ability to improve the performance of their sales teams. Highspot’s innovation leadership and customer satisfaction resulted in back-to-back record quarters for new customer wins and annual recurring revenue growth in fiscal year 2021.
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“Sales enablement is about more than sales. It connects everyone from marketing and sales to post-sales in delivering a unified buying experience that wins, retains and expands customer relationships,” said Robert Wahbe, CEO, Highspot. “Scaling your go-to-market strategy is a complex process with a large gap between strategy and action. We close this gap. Our single, unified platform improves sales performance by turning strategy into successful execution.”
“Salesforce changed sales 20 years ago. Marketo changed marketing 10 years ago. Now, Highspot’s vision is to fundamentally change the way companies go to market,” said John Curtius, Partner, Tiger Global Management. “Highspot’s secret is an authentic commitment to people – their employees, customers and partners – that inspires a tremendously collaborative and resilient culture. We believe they’re capable of sustaining unmatched levels of innovation to achieve their vision.”
Leading companies across industries, including DocuSign, General Motors, John Deere, Nestle and Verizon Media, are using Highspot’s sales enablement platform – complete with content, guidance, training, coaching, engagement intelligence and 360-degree analytics – to win and keep customers at scale. In 2020, Highspot connected more than three million salespeople, channel partners, services reps and customers in digital sales experiences, representing a 100 percent increase in platform usage from 2019. Highspot also supports the world’s largest community of sales enablement professionals, Sales Enablement PRO, which has surmounted more than 13,000 members in less than two years.
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“Over the past year, sales enablement has emerged as a strategic imperative,” said Mark Kovac, Partner and head of Bain & Company’s Global B2B Commercial Excellence Practice. “Companies that have built world-class enablement teams and technology are managing change and uncertainty at scale, while others struggle with agility and inconsistent performance. We believe Highspot’s differentiated approach will become the foundation upon which modern businesses achieve consistent revenue growth and market share gains.”
The funding will fuel Highspot’s next wave of growth, including:
- Product Innovation: Highspot’s platform is the only unified, natively-built solution in the sales enablement category, so the company can rapidly enrich its capabilities without sacrificing industry-leading usability. The new funding will further accelerate platform development, including deeper insights into go-to-market strategy and execution offered through Highspot’s industry-only Scorecards.
- International Expansion: The company will expand its existing Europe, Middle East and Africa (EMEA) operations into France, as well as enter the Asia Pacific (APAC) market.
- Partner Ecosystem:Â Highspot’s industry-only Sales Acceleration Partners program features more than 25 of the leading sales methodology partners worldwide. The company will expand this program, and deepen investments in its technology partner ecosystem, including more than 100 integrations with the top sales, marketing and business software.
- Community Commitment:Â Sales enablement is a thriving practice where community serves a critical role in evolving best practices. Highspot will continue to support Sales Enablement PRO and the broader network of organizations contributing to the sales enablement community.
Highspot is hiring for positions in every business function, offering an unmatched growth opportunity and a culture that has been perennially honored as a Best Place to Work on Glassdoor, Fortune, Forbes and many more.
