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Gong raises $200M to serve rising demand from enterprise customers

Gong raises $200M to serve rising demand from enterprise customers
Gong raises $200M to serve rising demand from enterprise customers

Gong, a revenue intelligence platform, has recently raised $200 million in funding on its $2.2 billion valuation, totaling to $305 million funds being raised in the past 18 months. For the record, the company had scored a $40 million fund in February 2019, followed by $65 million worth of funds raised the same year in December.

The recent $200 funding was led by Coatue, with the help of other new investors namely Index Ventures, Thrive Capital, and Salesforce Ventures, as well as existing investors namely Wing Venture Capital, Sequoia Capital, Norwest Venture Partners, NextWorld Capital, and Battery Ventures. Gong has reportedly raised $334 million funds in total to date.

The company has recorded substantial growth and a rapid hike in the customer base, currently serving nearly 1,300 customers. Additionally, its revenue has surged 2.5x in 2020.

As per the statement made by Amit Bendov, CEO of Gong, the company has been focusing on creating a ‘revenue intelligence’ category. It has stored and analyzed customer data in the CRM database. However, it plans to transform this process via the deployment of AI (artificial intelligence) to transcribe and analyze the customer information and their interactions. Prevailing economic downturn due to the COVID-19 outbreak has led several companies to improve their liquidity, which attracts a large number of investors. Funds raised by the company will help drive its growth and expand its business by acquiring companies, making strategic investments, accelerating plans, and efficiently serving a wide range of enterprise customers.

Gong targets to add 100 more employees to its current strength of 350 in total. To ensure this, the company has opened a recruiting hub in Atlanta to hire more diverse candidates. It also has been working with FlockJay to hire and train underrepresented groups. In Israel, it has been assisting members of the Arab community who have knowledge about computer science to learn interview skills.

Source credit:

https://techcrunch.com/2020/08/12/gong-raises-another-200m-on-2-2-billion-valuation/

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