Databook, a leading platform in enterprise customer intelligence, announced a $16 million Series A funding led by M12, Microsoft’s venture fund, with participation from Salesforce Ventures and seed investors: Threshold Ventures, Haystack and Firebolt. The new capital follows a seed round raised in January 2020 and brings Databook’s total investment to date to $22 million.
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“To close a deal these days, you need more than a slick pitch. Buyers are informed and know what they need”
Since its founding, Databook has experienced 300% year-over-year growth, reflecting the pace at which enterprise sales organizations have evolved. As technology has leveled the playing field, prospects often have done their own research and know as much about a product as the sales rep selling it. Databook helps enterprise salespeople be successful by automating and augmenting smart pitches with market insights that speak specifically to the target business’ bottom line.
Databook is an AI-powered SaaS platform that builds customer intelligence on top of CRM. Every member of a go-to-market team can tap the platform to efficiently identify and rank target customers, track progress against sales quotas, provide insights to increase deal size, shorten research cycle times and assist in converting a prospect to a customer. The result is high volume, high value enterprise sales. On average, Databook customers see:
- 3x More Pipeline: intelligence identifies key accounts to prioritize, pinpoints business value drivers and customer priorities, and provides recommendations for proactively originating qualified, high value opportunities
- 2x Larger Deals: knowing the audience’s needs empowers teams to come in with a winning point of view, leading to greater conversion rates and a larger average deal size
- 1.5x Faster Cycle Times: industry and product content is loaded to auto-generate 1:1 personalized outreach, eliminating cycles of data gathering and research, and helping teams align with the desired outcomes of more senior buyers
“To close a deal these days, you need more than a slick pitch. Buyers are informed and know what they need,” said Tamara Steffens, Managing Director of M12, who is also joining the Databook Board of Directors. “Databook enables consultative sales so that reps can prioritize insight gathering and relationship building over the traditional, educational sales pitch. Before a CRO will sign off on capital spend, they need to see alignment to a business outcome, not just be wowed by a product feature. With Databook, sales teams see 350x typical ROI, with 90 day payback.”
According to Forrester’s Predictions 2021 Report, 57% of B2B sales leaders plan to invest more heavily in tools with AI and automation. The total addressable market for customer intelligence is expected to grow to $13.4 billion by 2025, according to Salesforce. Databook is seeing strong evidence for these metrics as, by headcount, their customers already represent approximately 40% of the total salesforce in the enterprise software industry. That number is growing rapidly as additional organizations are investing to ensure their sales and marketing teams can glean a holistic view of their current and potential customers’ needs, and move quickly to offer a highly personalized pitch, with greater impact and potential for repeat sales.
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“We use AI to automate everything you need to know about customer priorities, pain points, key buyers and relevant use cases, surfacing insights in a matter of seconds that previously would take weeks to gather manually,” said Anand Shah, co-founder and CEO of Databook. “By helping sales teams predict customer needs before the customer even presents them, sales people are set up to engage with their audience in a meaningful way from the get go. This intelligence is helping some of the biggest names in enterprise software upskill their teams at scale and smash sales quotas.”
“Databook adds real-world intelligence that we haven’t seen before,” said Bill Patterson, EVP & GM, CRM Applications at Salesforce. “Our sellers love using Databook because it brings value to every customer conversation.”
Databook will use its new capital for product development and hiring. The company plans to double its workforce through expanding its sales, customer service and engineering teams.
