Sales Software Unicorn Gong Raises $250M Series E at $7.25B Valuation

June 3, 2021
Gong increased its ARR 2.3x between Q1 of 2020 and Q1 of 2021. The latest raise comes less than a year after the company brought in $200 million via its Series D. At the time, the sales software platform was valued at $2.2 billion.
photo: gong

Revenue intelligence platform Gong announced Thursday that it raised $250 million in fresh financing. The Series E, led by Franklin Templeton, brings the unicorn’s valuation to $7.25 billion.

The latest raise comes less than a year after the San Francisco-based company brought in $200 million via its Series D. At the time, the sales software platform was valued at $2.2 billion.

Gong has been quite busy throughout the course of the pandemic. The company increased its ARR 2.3x between Q1 of 2020 and Q1 of 2021.

“Just as we predicted in 2015 when Gong began leveraging AI to understand the needs of customers, we experienced massive growth in the past year, proving revenue intelligence is a game changer for companies,” Amit Bendov, CEO of Gong, said in a statement.

Gong utilizes its own AI technology to capture the full range of a company’s sales interactions with its customers. The platform keeps track of things like emails, conference calls and phone calls to identify trends within sales conversations. After acquiring company data, Gong can suggest the next best steps to take in order to keep a deal moving forward.

“As professionals across the globe were forced to connect with customers remotely for the first time, they became even more reliant on data and insights to win the hearts and minds of their customers,” Bendov continued. “Gong was no longer a luxury, but a necessity, and it’s become clear that our product, which makes recommendations based on reality, has the potential to change the way we all do business.”

The company will use the additional capital to expand the size of its go-to-market, technical, customer success and finance teams as it continues to scale. Over 50 in-person and remote roles are currently up for grabs.

Gong has raised $584 million in venture capital financing to date, according to the company.

Additional investors Coatue, Salesforce Ventures, Sequoia and Tiger Global participated in the round, among others.

Also in SF Truebill Raises $45M Series D, Plans to Double Its Headcount

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