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Outreach Secures USD 50 Million, New Valuation at USD 1.33 Billion
The new round of funding comes at a time when startups are having hard time raising money. Proceeds from the financing round will be used to continue to deliver new revolutionary technologies like Outreach Kaia
FREMONT, CA: Sales engagement platform with industry-leading usage, Outreach, secured USD 5 million in a funding round led by sands Capital, with participation from Salesforce Ventures. The investment round also witnessed the participation of Outreach’s new investor Operator Collective along with existing investors Lone Pine Capital, Spark Capital, Meritech Capital Partners, Trinity Ventures, Mayfield, and Sapphire Ventures. The latest round of funding takes the company's total raised capital to USD 289 million and a new valuation of USD 1.33 billion.
"The pandemic has changed sales forever and brought to the forefront the importance of having a sales engagement platform. Products like Outreach that provide high visibility and versatility -- are now required for all sellers in order to be successful," said Manny Medina, CEO, and co-founder of Outreach. "As the Sales Engagement category leader, customers expect Outreach to drive transformative changes in sales. With this round of funding, we're excited to accelerate our investments to meet the increasing demand we are seeing in the market while continuing to innovate."
The new round of funding comes at a time when startups are having hard time raising money. Proceeds from the financing round will be used to continue to deliver new revolutionary technologies like Outreach Kaia, the new Knowledge AI assistant the company unveiled at its seminal industry event Unleash last month. Outreach is also moving ahead with its expansion plans and investing in new markets, including adding new global outposts and growing its EMEA presence. The company's investments will help transform sales engagement and revolutionize the entire customer lifecycle for go-to-market teams.
"Outreach's leadership position in the market, clear mission and value-added approach make the company a natural investment choice for us," said Michael Clarke, partner at Sands Capital's Global Innovation Fund. "Now more than ever, companies need an AI-powered sales engagement platform like Outreach. Enterprise sales teams are rapidly adopting sales engagement platforms, and Outreach's rapid growth reflects this."
Along with the investment round, the company also announced the recruitment of Melissa Fisher as its chief financial officer. Fisher comes to Outreach from Qualys, a USD 4 billion-plus publicly-traded leading provider of cloud-based IT, security, and compliance SaaS solutions.