Sales engagement platform SalesLoft has raised $100 million in a new round of funding, bringing its valuation to $1.1 billion.
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Atlanta-based SalesLoft’s technology helps sales professionals through the sales and renewal process, assisting them with customer communications, and helping teams build pipelines and manage deals.
And with the COVID-19 pandemic and remote work, the already blurry line between salespeople who are out in the field and “inside sellers” has disappeared. Digital sales and engagement have been in the works for years, and many companies have been transitioning to digital sales, CEO Kyle Porter said in an interview with Crunchbase News. The pandemic has accelerated that trend.
“There’s been a fast-growing trend in sales for inside sales, which is individuals who are utilizing technology to engage with their customers and prospects,” Porter said. “And now with the pandemic, inside sales is just sales.”
SalesLoft helps sales teams track their customer engagement processes, manage their pipelines and deals, and offers a conversation intelligence capability.
With the new funding, SalesLoft plans on investing in product innovation, scaling its enterprise products, and expanding into new verticals, Porter said. Historically, tech companies were the most prominent of SalesLoft’s customers, but over the past few years the company has expanded into verticals including manufacturing, professional services and health care.
According to Crunchbase data, companies in the sales, sales automation and direct sales space raised more than $2.2 billion in funding in 2020.
The 10-year-old company has more than 500 employees and a presence in cities including New York, San Francisco, London and Guadalajara, Mexico. The new round of funding will help SalesLoft invest in its international presence, and also increase its total headcount by over 30 percent in the next year.
Owl Rock Capital Partners was selected as the lead investor because it had a similar long-term vision for the sales engagement category, Porter said. Owl Rock also aligned with SalesLoft on how the company could use the data it’s collected over the years; SalesLoft has data on the actions of sales professionals who use the platform and what results those actions yielded.
“It’s great to have both sides of the equation to be able to infer which actions lead to which outcomes,” Porter said. “We can basically tell a sales organization this is the set of activities you should take to engage with a customer to maximize results.”
SalesLoft last raised money with a $70 million Series D led by Insight Partners in April 2019. According to Porter, the company has more than doubled its annual recurring revenue since then. The company’s total funding now comes out to $245 million.
Illustration: Li-Anne Dias
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