SEATTLE, June 2, 2021 /PRNewswire/ -- Outreach, the largest and fastest-growing sales engagement platform provider, announced today it has closed a $200 million funding round co-led by new investors, Premji Invest and STEADFAST Capital Ventures. This funding round raises Outreach's valuation to more than $4.4 billion and its total funding to $489 million. The additional funding will further strengthen Outreach's position as a leading sales technology platform while accelerating market expansion and growth.
"This past year represents a true moment of maturity for Outreach - we are now a mission-critical part of the revenue tech stack for customers," said Manny Medina, CEO and co-founder of Outreach. "The bets we made years ago, including significant investments in artificial intelligence combined with prospecting, closing and customer success capabilities integrated into one holistic platform, are what revenue organizations need most right now to be successful. We continue to lead and expand the vision for sales engagement. Now, we are poised to deliver more meaningful business outcomes for our customers than ever before - from the rep to the CRO, and from small businesses to the enterprise."
The funding news comes after a year of explosive growth for Outreach, where momentum was accelerated by global shifts to remote and digital selling. Outreach grew Q1 ARR by more than 100% year-over-year and is now used by many of the world's leading revenue organizations, including 18 of the top 25 fastest-growing public software companies. Outreach's sales engagement and intelligence platform leverages the world's largest B2B buyer-and-seller engagement dataset, capturing billions of sales interactions, to enable sales leaders and their teams to more effectively engage customers, forecast with confidence, and close deals faster.
The company recently launched three revolutionary new products to market at its annual customer conference, Unleash, before a global audience of thousands. These products are integrated into the Outreach platform, including a real-time conversation intelligence tool (Outreach Kaia), a new AI reporting suite featuring a breakthrough technology that analyzes buyer emotive signals and sentiment (Outreach Insights), and a new opportunity management offering that allows buyers and sellers to collaborate together, creating more transparency around the status of the deal which improves forecasting for sales leaders and teams (Outreach Success Plans).
"At Premji Invest, we are incredibly selective and only partner with companies that offer enduring value and can thrive in the public markets. Outreach ticked every box for us," said Sandesh Patnam, Managing Partner of Premji Invest and newest Outreach board member. "We are confident that the company's innovative AI-driven sales engagement and intelligence platform that enables enterprise revenue teams to excel and thrive will continue to increase its momentum in the long-term, and Outreach's rapid growth and adoption by global sales organizations in such a short amount of time reflects this."
"Over the past five years as I've served on the board, Outreach emerged as a definitive standard for sales and customer engagement - proven by thousands of companies that use Outreach every day as a critical component of their workflow and their tech stack," said Karan Mehandru, Managing Director of STEADFAST and Outreach board member. "Companies across every industry are reaccelerating growth and hiring post-pandemic and embracing intelligent automation to power their revenue teams. We are proud to back Manny and his team as they continue their mission of serving revenue teams across the world, powering the growth engine of the economy and building an iconic company that is poised to be a leader for years to come."
Other new investors include Tiger Global Management, Sequoia Capital Global Equities, Vista Public Strategies and one of the largest U.S. asset managers based on the West Coast. Existing Outreach investors, including Salesforce Ventures, Lone Pine Capital, Sands Capital, Mayfield Fund, DFJ Growth, and Trinity Ventures, are also participating in the round.
Outreach will use the funding to continue to scale its sales and marketing organizations to meet the growing demand for the Outreach platform and invest in building, acquiring and delivering new revolutionary technologies. The company is also moving forward with its expansion plans and investing in new markets.
Over the past year, Outreach has increased to more than 800 employees worldwide, and added two new global offices in London and Prague to its U.S. locations in Seattle and San Francisco.
For product demos, images, and videos, or speak with an Outreach spokesperson, email [email protected].
Outreach is the largest and fastest-growing sales engagement and intelligence platform provider that helps companies dramatically increase productivity and drive smarter, more insightful engagement with their customers. Outreach is the only solution provider to integrate sales engagement, conversation intelligence and revenue intelligence into one platform. The only sales engagement and intelligence platform to make the Forbes Cloud 100, Outreach was also the fastest-growing vendor in the category on the Deloitte Technology Fast 500. More than 4,800 companies such as Adobe, Tableau, Okta, Splunk, DocuSign, and SAP depend on Outreach's enterprise-scale, unparalleled customer adoption, and robust AI-powered innovation. Outreach is a privately held company based in Seattle, Washington. To learn more, please visit www.outreach.io.