At a Glance
San Francisco-headquartered revenue intelligence platform provider Gong has raised $250M in its Series E funding, led by Franklin Templeton. The funding comes amid rising needs to re-orient customer interactions with data-driven insights, something that Gong’s patented revenue intelligence platform fulfills
Gong, a provider of revenue intelligence platform, has announced its $250 million Series E fundraising led by Franklin Templeton at a valuation of $7.25 billion. This funding comes on the heels of its $200 million Series D funding last year, which bestowed Gong with the unicorn tag.
Founded in 2015, Gong provides its patented revenue intelligence platform to help revenue teams realize their maximum potential by tapping into customer reality. It captures a company’s customer interactions, market insights, deals, employee skills, and recommends the best steps to close returns worthy deals, assisting in customer success and market dominance. For customer-facing professionals, this becomes an effective tool in making proactive decisions based on unbiased business reality, not mere opinions and hearsays.
With the close of Series E, Gong’s total funding stands at $583 million, netted via seven rounds as per Crunchbase. Other existing investors – Coatue, Salesforce Ventures, Sequoia, Thrive Capital, and Tiger Global- had participated in this Series A funding round.
Where does its pertinence lie
Quoting Gartner data on its press release, Gong stated that by 2025, 80 percent of B2B sales and interactions would transit to digital platforms, leaving traditional sales approaches almost redundant and desperate for a revamp. Sales leaders will then have to transform their approach by investing in virtual and hybrid selling capabilities. Here is where Gong can be a significant addition as it would provide revenue leaders with data-driven insights for increasing revenue, reducing churn, and scale production.
As professionals across the globe were forced to connect with customers remotely for the first time, they became even more reliant on data and insights to win the hearts and minds of their customers. Gong was no longer a luxury, but a necessity, and it’s become clear that our productAmit Bendov, co-founder and CEO of Gong, said.
Gong has shown rapid market growth with a two-fold increase in Annual Recurring Revenue (ARR) between Q1 2020 and Q1 of 2021. It has reached over 2000 customers, including three Fortune 20 companies, increased its employee count to over 550, and has analyzed over half a billion customer interactions since its inception.
Ryan Biggs, an equity investor at Franklin Templeton, opined that technologies that targeted optimizing productivity and customer satisfaction become more pertinent in the contemporary business environment, which remote working has taken over.
Once businesses experience Gong’s revenue intelligence, its value is undeniable. We believe this product has become a fundamental requirement for professionals looking to drive sales based on the true needs of customers,.Ryan Biggs, an equity investor at Franklin Templeton