Gong hits $2.2bn valuation after $200m Series D close

Revenue intelligence platform Gong has secured $200m in its Series D funding round, which brings its valuation to $2.2bn.

The investment was led by Coatue, with participation also coming from Index Ventures, Salesforce Ventures and Thrive Capital. A number of existing Gong backers also joined the round, including Battery Ventures, NextWorld Capital, Norwest Venture Partners, Sequoia Capital and Wing Venture Capital.

Gong secured the round after witnessing a 2.5-times revenue growth year-to-date in 2020, with the demand of its services rising due to the remote working environment.

Proceeds from the Series D will be used to support the market demand for its platform and bolster its product, engineering and go-to-market teams.

This funding round comes less than a year after the FinTech’s former round, which it closed in December 2019 on $65m.

Gong designs software that helps businesses make improved decisions, with it capable of automatically capturing a variety of customer interactions, including emails, web conference calls, phone calls and more. With this data, the Gong AI assess the information to identify trends and patterns to help increase sales, reduce churn and boost market share.

Gong CEO and co-founder Amit Bendov said, “We made a bold prediction in 2016 that Gong’s technology would become the most significant innovation for sales since the invention of CRM.

“The market has proven that prediction was correct. With global sales teams switching to remote work and field sales teams grounded for the foreseeable future, we are seeing substantial demand for Gong’s solution even in a challenging business environment. There is a new way to win in sales and the best sales teams are turning to Gong’s Revenue Intelligence Platform to guide them down that path.”

The company has raised a total of $334m in equity.

Copyright © 2020 FinTech Global

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