Gong raises $200 million in latest funding round to continue growth
Gong, the revenue intelligence platform leveraging artificial intelligence to transform revenue teams, has raised $200 million in Series D funding bringing the company’s valuation to $2.2 billion. Gong will use the new funding to fulfill strong market demand for its Revenue Intelligence Platform, reinforce its market leadership, and invest in its product, engineering, and go-to-market teams.
The new investment follows Gong’s $65 million Series C funding announced in December 2019.The latest funding was led by Coatue and joined by Index Ventures, Salesforce Ventures and Thrive Capital, with participation from existing investors Battery Ventures, NextWorld Capital, Norwest Venture Partners, Sequoia Capital and Wing Venture Capital. Gong’s total funding raised is now $334 million.
The investment comes on the heels of strong revenue growth in 2020 and reflects the demand for Gong’s Revenue Intelligence Platform due to working from home and the heightened importance of remote selling.
Gong’s innovation mindset has powered the company’s rapid growth, enabling it to quickly surpass competitors and take a commanding lead of the revenue intelligence market.
Gong’s software helps companies make better decisions that are based on reality, not opinions. It automatically captures the full range of a company’s interactions with customers—via emails, web conference calls, phone calls, and more—reducing the risk of incomplete or data.
Gong then uses patented AI technology to understand what exactly is being said in these customer interactions.
It helps companies uncover patterns and trends in the data, leading to insights that can help increase sales, reduce churn, and increase market share.
“We made a bold prediction in 2016 that Gong’s technology would become the most significant innovation for sales since the invention of CRM,” said Gong CEO and Co-founder, Amit Bendov. “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.”
For more information on Gong and revenue intelligence, visit www.gong.io.