SAN FRANCISCO, Oct. 1, 2021 /PRNewswire/ -- LeadIQ, the leading account-based prospecting SaaS platform that simplifies lead management and sales prospecting, announced that it has raised a $30 million Series B round led by global venture capital firm Cathay Innovation with participation from Eight Roads Ventures, Alumni Ventures, LAUNCH Fund, Draper Associates, Fresco Capital and Strong Ventures. This investment brings the total capital raised to $42 million, with the new financing being used to accelerate its product roadmap in account prioritization, buying team and contact personalization, and sales team collaboration, along with hiring key management roles as the company continues its growth and expansion.
Based in San Francisco and Singapore, LeadIQ was founded in 2015 by Mei Siauw, and team when the former Oracle product manager discovered large inefficiencies commonly found in traditional outbound sales processes and set out to build a modern, next-generation prospecting platform that optimizes the entire end-to-end sales cycle. Today LeadIQ employs a remote workforce spanning 22 countries across six continents and serves enterprise and mid-market customers in 45 countries across the globe, which includes notable customers such as MuleSoft, WalkMe, and Okta. The company has grown revenue by 3x and achieved eight-digit ARR, while establishing itself as a category leader.
LeadIQ's customers have been able to significantly reduce time spent on manual and repetitive sales busywork. Digitaladoptionplatformleader, WalkMe, has saved its BDR team thousands of hours per quarter and increased discovery calls by 19% in the months followingdeployment. Similarly, revenue operationsplatformClari is saving around 600 hours a quarter and has seen its ideal customer profile (ICP) alignment improve from 50% to 85%.
"Led by a resilient and tenacious CEO with incredible vision, LeadIQ offers a next-gen platform that is the glue that unifies sales at the top of the funnel to provide the most comprehensive solution on the market," said Denis Barrier, Co-Founder & CEO at Cathay Innovation. "Its workflow automation builds a strong moat and competitive advantage which is critical with the pandemic-era digital transformation and subsequent talent wars forcing sales leaders to prioritize efficiency and effectiveness beyond the quota. We look forward to leveraging our resources worldwide to accelerate the company further onto the global stage."
Kavish Kothari, Principal, Eight Roads Ventures added: "Since our original investment early last year, we've been very impressed by the company's pace of execution and growth amidst the pandemic. LeadIQ is addressing a pertinent pain point in the sales journey by increasing effectiveness of the sales teams through a product-led approach. We're thrilled to be doubling down on our conviction as we continue to support Mei and her team to strengthen their position in a rapidly growing market."
"With 65% of teams missing revenue targets, outbound sales efficiency is a major challenge for enterprises globally,'' said founder and CEO Mei Siauw. "Today, account-based prospecting is still highly manual and time consuming thanks to fragmented data across multiple systems, repetitive busy work, low quality research and varying privacy laws. We built LeadIQ to help sales teams everywhere make authentic prospect connections with a more thoughtful approach. The numbers speak volumes, where we tripled growth in our enterprise and mid-market segments year-over-year. With this latest financing, we look forward to working with current and new investors like Cathay Innovation, who have the global reach and local market expertise across the US, Europe and Asia to help us scale further during this next phase of growth."
About LeadIQ LeadIQ helps make sales teams faster and more productive without sacrificing your CRM's data hygiene. Modern sellers are researching and discovering new prospects on the web every day but only spend 1/4 of the time prospecting them. Used by over 20,000 sales professionals, LeadIQ removes bottlenecks in the outbound selling process by automating the most tedious and repetitive tasks, saving the average sales rep six hours a week prospecting.
About Cathay Innovation Cathay Innovation is a global venture capital partnership, created in affiliation with Cathay Capital, investing in startups at the center of the digital revolution across North America, Latin America, Europe, Asia and Africa. Its global platform unifies technology investment across continents, investors, entrepreneurs and leading corporations to accelerate startup growth with access to new markets, invaluable industry knowledge and introductions to potential partners from the start. As a multistage fund with over $1.5 billion assets under management and offices across San Francisco, New York, Paris, Shanghai, Beijing and Singapore, Cathay Innovation partners with visionary entrepreneurs and startups positively impacting the world through technology. To learn more, please visit www.cathayinnovation.com or follow us on Twitter @Cathayinnov.