Revenue intelligence startup Gong has landed $200 million in a Series D round of funding, bumping its valuation up to $2.2 billion.
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Gong helps revenue teams make decisions based on data-driven insights. Frustrated with how little companies understood about their customer patterns, CEO Amit Bendov co-founded the company with CTO Eilon Reshef. Too many decisions were driven by anecdotes, he said.
There needed to be a system that captured what customers were saying over the phone, email, etc., and a way to make sense of that information.
“(Companies) don’t have the data to understand why customers are churning, what makes some customers buy and others not, what competitors are doing in the market,” Bendov said.
Gong helps companies with information like churn prediction and sales forecasting. Now is “probably the worst time of all to be blind to what’s happening in your market,” he added.
The Series D round is large, but Gong didn’t need the cash, according to Bendov. The company is still running off of the $40 million Series B it raised in February 2019, and hasn’t touched the $65 million Series C it raised in December, Bendov said.
The company is looking to grow and expand globally next year, so it will help to have money in the bank in case it wants to make an acquisition or make other strategic moves. So far the company has 320 employees, and plans to hire “hundreds” more in the next year, with at least 100 hired before December.
Coatue led the Series D round, with participation from Index Ventures, Thrive Capital and Salesforce Ventures. Existing investors NextWorld Capital, Battery Ventures, Norwest Venture Partners, Sequoia Capital and Wing Venture Capital also invested in the round, which brings Gong’s total funding to $334 million.
Disclosure: Salesforce Ventures, an investor in Gong, is also an investor in Crunchbase, the parent company of Crunchbase News. Crunchbase’s investors are listed as part of its Crunchbase profile. For more about Crunchbase News’ editorial policies on disclosure, see the News team’s About page.
Illustration: Dom Guzman