Outreach closes $50m funding round
Sales engagement platform Outreach has today announced it has closed a $50 million funding round.
This funding round is led by Sands Capital with strong participation by Salesforce Ventures. In addition, new investor Operator Collective will be joining existing investors which include Lone Pine Capital, Spark Capital, Meritech Capital Partners, Trinity Ventures, Mayfield, and Sapphire Ventures. This round brings Outreach’s valuation up to $1.33 billion and total funding to $289 million.
“The pandemic has changed sales forever and brought to the forefront the importance of having a sales engagement platform. Products like Outreach that provide high visibility and versatility — are now required for all sellers in order to be successful,” said Manny Medina, CEO and co-founder of Outreach.
“As the Sales Engagement category leader, customers expect Outreach to drive transformative changes in sales. With this round of funding, we’re excited to accelerate our investments to meet the increasing demand we are seeing in the market while continuing to innovate.”
“Outreach’s leadership position in the market, clear mission, and value-added approach make the company a natural investment choice for us,” added Michael Clarke, partner at Sands Capital’s Global Innovation Fund.
“Now more than ever, companies need an AI-powered sales engagement platform like Outreach. Enterprise sales teams are rapidly adopting sales engagement platforms and Outreach’s rapid growth reflects this.”
“Our guiding principle at Salesforce Ventures is to invest in companies that are leading the charge in new category creation that propels the growth of SaaS,” said Matt Garratt, managing partner at Salesforce Ventures. “We are excited to partner more closely with Outreach as the sales engagement category expands further into a multi-billion dollar global market.”
Outreach will use the funding to continue to deliver new revolutionary technologies like Outreach Kaia, the new Knowledge AI Assistant the company unveiled at its seminal industry event Unleash last month.
The company is also moving forward with its expansion plans and investing in new markets, including adding new global outposts and growing its EMEA presence. Outreach’s investments will help not only transform sales engagement but revolutionise the entire customer lifecycle for go-to-market teams.
Outreach has grown rapidly over the past year, doubling its employee count to almost 600 employees, expanding to new locations in the U.S. and U.K., as well as hosting the largest virtual sales conference in North America with more than 14,000 registrants.