Gong Raises $200 Million in Series D Funding at $2.2 Billion Valuation
Revenue intelligence platform has grown 2.5x in 2020, enabling companies to sell in the remote work era.
Gong, the revenue intelligence platform leveraging artificial intelligence to transform revenue teams, announced it raised $200 million in a Series D funding bringing the company’s valuation to $2.2 billion. The new investment follows Gong’s $65 million Series C funding announced in December 2019.
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The latest funding 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. 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.
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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.”
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