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Highspot raises $200m in growth funding

by LLB Finance Reporter
23rd Feb 21 8:03 am

Highspot, the industry’s only unified, natively-built sales enablement platform, today announced it has closed $200 million in Series E funding led by Tiger Global Management, with participation from new investor Bain & Company. The round included all existing investors: ICONIQ Growth, Madrona Venture Group, OpenView, Salesforce Ventures, Sapphire Ventures and Shasta Ventures. The round values Highspot at $2.3 billion.

Highspot’s hyper-growth has been driven by the critical role sales enablement plays in a company’s ability to improve the performance of their sales teams. Highspot’s innovation leadership and customer satisfaction resulted in back-to-back record quarters for new customer wins and annual recurring revenue growth in fiscal year 2021.

“Sales enablement is about more than sales. It connects everyone from marketing and sales to post-sales in delivering a unified buying experience that wins, retains and expands customer relationships,” said Robert Wahbe, CEO, Highspot.

“Scaling your go-to-market strategy is a complex process with a large gap between strategy and execution. We close this gap. Our single, unified platform improves sales performance by turning strategy into successful execution.”

“Salesforce changed sales 20 years ago. Marketo changed marketing 10 years ago. Now, Highspot’s vision is to fundamentally change the way companies go to market,” said John Curtius, Partner, Tiger Global Management.

“Highspot’s secret is an authentic commitment to people – their employees, customers and partners – that inspires a tremendously collaborative and resilient culture. We believe they’re capable of sustaining unmatched levels of innovation to achieve their vision.”

Leading companies across industries, including DocuSign, General Motors, John Deere, Nestle, and Verizon Media, are using Highspot’s sales enablement platform – complete with content, guidance, training, coaching, engagement intelligence and 360-degree analytics – to win and keep customers at scale. In 2020, Highspot connected more than three million salespeople, channel partners, services reps and customers in digital sales experiences, representing a 100 percent increase in platform usage from 2019. Highspot also created the world’s largest community of sales enablement professionals, Sales Enablement PRO, which has grown to more than 13,000 members in less than two years.

“Over the past year, sales enablement has emerged as a strategic imperative,” said Mark Kovac, Partner and head of Bain & Company’s Global B2B Commercial Excellence Practice. “Companies that have built world-class enablement teams and technology are managing change and uncertainty at scale, while others struggle with agility and inconsistent performance. We believe Highspot’s differentiated approach will become the foundation upon which modern businesses achieve consistent revenue growth and market share gains.”

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