On the heels of a $200M funding round in August 2020, Gong experiences significant growth as digital transformation continues to accelerate during remote work
Gong, the revenue intelligence leader leveraging artificial intelligence to transform revenue teams, has raised $250 million in Series E funding. The round is being led by Franklin Templeton, bringing Gong’s total funding to $584 million. Existing Gong investors also participated in the round including Coatue, Salesforce Ventures, Sequoia, Thrive Capital, and Tiger Global.
Today, business leaders use static reports, anecdotal evidence and self-reported information to see what is happening in their business but lack understanding of why certain outcomes are achieved and how to adapt accordingly. With its patented Revenue Intelligence Platform, Gong captures the full range of a company’s customer interactions, surfaces insights about markets, deals and employee skills, and recommends the next best steps to progress deals, ensure customer success, and win markets. This enables customer-facing professionals to make proactive decisions informed by unfiltered business reality instead of opinions.
According to Gartner, “By 2025, 60% of B2B sales organizations will transition from experience- and intuition-based selling to data-driven selling, merging their sales process, sales applications, sales data and sales analytics into a single operational practice.” Additionally, it is stated, “By 2025, 80% of B2B sales interactions between suppliers and buyers will occur in digital channels.” As a result, traditional sales approaches will be less reliable and innovative sales leaders will transform their approach by investing in virtual and hybrid selling capabilities. Gong is central to this transformation, providing revenue leaders with data-driven insights that increase revenue, reduce churn, and drive increased productivity.
“Technologies aimed at optimizing productivity and customer satisfaction became more important than ever in the past year as the business world transitioned to a predominantly remote work model,” said Ryan Biggs at Franklin Templeton. “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.”
This funding comes on the heels of Gong’s August 2020 Series D funding, highlighting the growing demand for its product and solutions. Key facts showcasing Gong’s rapid market growth and leadership include:
- Increased ARR 2.3X between Q1 of 2020 and Q1 of 2021
- Reached 2,000+ customers including three Fortune 20 companies that recently joined Gong
- Grew to 550+ global employees focused on product innovation, customer success, and market growth
- Analyzed over half a billion customer interactions since its founding
“Just as we predicted in 2015 when Gong began leveraging AI to understand the needs of customers, we experienced massive growth in the past year, proving revenue intelligence is a game changer for companies” said CEO Amit Bendov. “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 product, which makes recommendations based on reality, has the potential to change the way we all do business.”
For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybsercurity, go to AI-Techpark.com.
