Gong Raises $65M in Series C Led by Sequoia Capital
Latest Round Brings Total Funds Raised by the Revenue Intelligence Provider to $134M
Dec 03, 2019, 09:30 ET
SAN FRANCISCO, Dec. 3, 2019 /PRNewswire/ -- Gong, the revenue intelligence platform leveraging artificial intelligence to go beyond traditional CRM and transform revenue teams, today announced it has raised $65M in a Series C round led by Sequoia Capital, with participation from existing investors Battery Ventures, Norwest Venture Partners, Shlomo Kramer, Wing Venture Capital, NextWorld Capital, and Cisco Investments, bringing the total funding raised to $134M. Gong will use this new capital to continue to fulfill the strong market demand for its Revenue Intelligence Platform, investing in the company's product, engineering, and go-to-market teams.
Revenue intelligence brings the power of true customer reality to revenue organizations, instead of relying on biased opinions of salespeople manually entering information into their CRM system. Gong does this by capturing all customer interactions, leveraging the latest AI technology to understand these interactions, and then delivering actionable insights to revenue leaders in order to improve sales professionals' skills, win more deals, and roll out strategic sales motions.
Sequoia partner Carl Eschenbach has joined Gong's Board of Directors. Eschenbach served as President and COO of VMWare for over 14 years and currently serves on the boards of leading enterprise technology companies including Workday, Zoom, Palo Alto Networks, and Snowflake Computing.
"Gong has unlocked a world of potential with their AI-based approach to increasing revenue teams' effectiveness," said Carl Eschenbach, partner at Sequoia. "Its hypergrowth of customer acquisition and retention demonstrates the widespread need for a revenue intelligence platform to address the gaps of relying on traditional CRM for understanding customer reality. The company's Revenue Intelligence Platform may well be the next big evolution after CRM."
Founded four years ago by co-founders Amit Bendov, CEO, and Eilon Reshef, CTO, Gong has been on an unrivaled growth trajectory. Progress since its Series B funding, announced in February 2019, includes:
- 5X revenue growth in 2018 and 3X growth in 2019 year to date
- Expanding its customer base across all market segments to well over 700 companies, including leading companies like Autodesk, GE, Hubspot, and LinkedIn
- Tripling the number of sales professionals using the platform to 45,000
- Earning and maintaining an industry-leading Net Promoter Score (NPS) of 65
- Doubling its number of team members from 100 to well over 200
Today's announcement is the latest in a series of recent important milestones for the fast-growing company. In October, Gong announced three significant additions to its C-suite: Sandi Kochhar and Tim Riitters joined the company as Chief People Officer and Chief Financial Officer, while former VP of Marketing, Udi Ledergor, was promoted to Chief Marketing Officer.
"Revenue intelligence is a perfect example of how advancements in AI are making a huge impact. If AI can interpret X-ray images better than doctors and AI can drive better than most of us, isn't it time that AI captures and understands customer interactions better than salespeople?" asked Gong CEO and co-founder, Amit Bendov. "We're thrilled to continue fulfilling the strong market pull for our Revenue Intelligence Platform and help more and more revenue teams find success by saying goodbye opinions, hello reality."
For more information on Gong and revenue intelligence, visit www.gong.io.
About Gong
Gong enables revenue teams to realize their fullest potential by unveiling their customer reality. The patented Gong Revenue Intelligence Platform™ captures and understands every customer interaction, then delivers insights at scale, empowering revenue teams to make decisions based on data instead of opinions. Over 700 innovative companies like AutoDesk, Service Titan, KeepTruckin, Pinterest, LinkedIn, GE, Hubspot, and Drift trust Gong to power their customer reality. With Gong, customers experience improved win rates, increased deal sizes, and accelerated employee ramp-times. Gong is a private company headquartered in San Francisco. For more information, visit www.gong.io or follow us on LinkedIn.
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