Mindtickle Raises An Additional $100 Million Led by SoftBank Vision Fund 2
Following its recent raise of $100 million, sales readiness technology leader accelerates its growth and mission to transform and modernize revenue organizations
SAN FRANCISCO, Aug 5, 2021 /PRNewswire/ -- Mindtickle, the leader in sales readiness technology, announced today that it has raised an additional $100 million in Series E funding. SoftBank Vision Fund 2* is leading the round with participation from existing investors Norwest Venture Partners, Canaan, NewView Capital, and Qualcomm Ventures. The latest fundraise comes on the heels of a $100 million investment led by Softbank last November. With a total of $281M in total funding, the company is now valued at $1.2 billion.
Revenue leaders are investing in the emerging category of sales readiness platforms as they face unprecedented challenges in creating high-performing sales organizations. During the past decade, average sales quota attainment has dropped from 63% to 43% in the S&P 500.1 Consequently, CROs and other sales leaders have been looking more carefully at the issue of sales readiness within their organization. Traditional sales training and enablement programs, aimed at onboarding and providing ongoing support to sellers, are falling short: Less than one-fourth of these programs meet stakeholder expectations.2
Mindtickle helps world-class companies be ready to grow revenue by understanding ideal sales behaviors, increasing seller knowledge and skill sets, and incorporating real-world feedback from their meetings with customers. The Mindtickle sales readiness platform empowers revenue teams to enhance organizational performance with industry-leading sales enablement, content management, conversation intelligence, performance analytics, and coaching solutions – all in one place.
"Revenue leaders understand that sales readiness is a mission-critical component of their strategy to consistently meet or exceed their goals," says Krishna Depura, Mindtickle CEO and co-founder. "They are taking more square ownership of these programs, and partnering with their sales enablement, revenue operations, and training teams to create a continuous state of excellence across their organizations."
The investment in Mindtickle comes with the continued growth in market demand for sales readiness technologies. Sales enablement technologies are projected to grow to $4.23B by 2027,3 and the conversation intelligence market will reach $13B by 2025.4 The collision of these two investment areas is creating the sales readiness category as revenue leaders and sales enablement professionals seek to house these capabilities under one umbrella.
"We continue to be impressed by Mindtickle's performance in creating and becoming a category leader in the sales readiness space," said Munish Varma, Managing Partner, SoftBank Investment Advisers "The product has become an essential part of any sales organization and we are excited to support the company in its growth."
Sumer Juneja, Partner, SoftBank Investment Advisers, added "Since our last round, Mindtickle has consistently delivered ahead of plan across all metrics. We are encouraged by their increasing customer additions, contract expansions and new product launches and acceptance. We are delighted to be increasing our exposure to Mindtickle as they enter their next phase of growth."
Dozens of Fortune 500 and Forbes Global 2000 companies use Mindtickle to create a continuous state of excellence to grow revenue and adapt to change with end-to-end tools to help business and revenue leaders define excellence, build knowledge, align content, analyze performance, and optimize behavior throughout their organization.
Additional Resources:
- Learn about Mindtickle's sales readiness framework, and how it can help drive transformation within your revenue organization.
- See how Mindtickle customers are leveraging its sales readiness platform to grow revenue and elevate the strength of their revenue organizations.
- Sign up for the next live demo of the Mindtickle Sales Readiness platform on Aug. 18th at 11am PT / 2pm ET.
About Mindtickle
Mindtickle is the market-leading sales readiness platform, helping revenue leaders at world-class companies like Johnson & Johnson, Splunk, and Wipro be ready to grow revenue by increasing knowledge, understanding ideal sales behaviors, and adapting to change. Dozens of Fortune 500 and Forbes Global 2000 companies use Mindtickle to define excellence, build knowledge, align content, analyze performance, and optimize behavior throughout their sales organizations. Mindtickle is recognized as a market leader by top industry analysts and is ranked by G2 as both the #1 enterprise software product and #5 sales software product. Visit www.mindtickle.com or find us on LinkedIn to learn more.
*As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 ("SVF 2") in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.
1 https://go.forrester.com/blogs/sales-success-not-about-hitting-quota/
2 https://salesenablement.pro/assets/2019/10/CSO-Insights-5th-Annual-Sales-Enablement-Study.pdf
3 https://www.businesswire.com/news/home/20210324005389/en/1.3-Billion-Worldwide-Sales-Enablement-Platform-Industry-to-2027---Impact-of-COVID-19-on-the-Market---ResearchAndMarkets.com
4 https://www.marketsandmarkets.com/Market-Reports/conversational-ai-market-49043506.html
SOURCE Mindtickle
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