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Outreach lands $200 million, pushing valuation of sales software startup to $4.4 billion

Outreach CEO Manny Medina. (GeekWire Picture)

Outreach simply landed $200 million in enterprise capital that the 10-year-old software program firm will use to assist extra gross sales professionals shut offers, observe leads and enhance engagement with clients.

The Seattle firm, whose greater than four,600 clients embody Tableau, Okta and DocuSign, is now valued at $four.four billion. That’s greater than triple its valuation from a 12 months in the past.

“This previous 12 months represents a real second of maturity for Outreach — we are actually a mission-critical a part of the income tech stack for purchasers,” Outreach CEO Manny Medina stated in a press release.

Bloomberg first reported the information.

Outreach raised $50 million final June at a $1.33 billion valuation. Complete funding now stands at $489 million, which isn’t unhealthy for a corporation that began with humble roots out of Seattle’s Techstars program and whose first enterprise idea didn’t take root.

However Outreach’s enterprise is now revving up, particularly because the pandemic shifted extra gross sales processes to digital codecs. The corporate additionally has just lately expanded its product choices, launching a real-time dialog intelligence instrument known as Kaia, new AI reporting instruments that analyze purchaser sentiment known as Insights, and a brand new product that enables consumers and sellers to collaborate collectively known as Success Plans.

“The bets we made years in the past, together with vital investments in synthetic intelligence mixed with prospecting, closing and buyer success capabilities built-in into one holistic platform, are what income organizations want most proper now to achieve success,” Medina stated.

The corporate advised GeekWire its annual recurring income hit $100 million in fall of 2020.

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The funding is the most recent mega-deal for a Seattle-area know-how firm, approaching the heels of huge enterprise capital rounds for firms reminiscent of Rec Room, Highspot, Rad Energy Bikes, and Icertis. The flood of enterprise capital is creating an enormous batch of so-called unicorns — privately-held firms valued at $1 billion or extra.

At $four.four billion, Outreach — ranked No. 6 on the GeekWire 200 record of privately-held tech firms within the Pacific Northwest — can be one of many highest valued firms within the area. Cybersecurity firm Tanium, which moved its headquarters to the Seattle space final 12 months from Silicon Valley, is valued at $9 billion.

Outreach, which competes towards SalesLoft, Groove, Gong and a bunch of different rivals, employs greater than 800 individuals worldwide and 540 in Seattle.

The brand new spherical was co-led by new traders, Premji Make investments and Steadfast Capital Ventures. Different backers embody Tiger International Administration, Sequoia Capital International Equities, Vista Public Methods, Salesforce Ventures, Lone Pine Capital, Sands Capital, Mayfield Fund, DFJ Development, and Trinity Ventures.