Sales Tech Startup Apollo.io Reaches $1.6B Valuation After $100M Series D

San Francisco-based Apollo.io raised a $100 million Series D led by Bain Capital Ventures, nearly doubling its valuation to $1.6 billion.

Existing investors Sequoia Capital, Tribe Capital and Nexus Venture Partners also participated in the new round.

Apollo.io, a sales intelligence and engagement platform, said it has grown revenue 9x through the last two years and works with more than 500,000 companies. The startup provides a suite of sales and marketing workflow tools, and has even introduced an AI-powered assistant tool to send more targeted and relevant emails to sales prospects.

“In line with our mission to make world-class go-to-market solutions simple and accessible to all, we have experienced unprecedented product-led growth during a time of economic uncertainty,” said co-founder and CEO Tim Zheng in a release. “Our investors, led by Bain Capital Ventures, bring a new level of sophistication to the table that will accelerate Apollo.io’s journey from startup to scaleup.”

Sales tech slowing

The raise is the largest non-private equity round to go to a sales tech startup in the U.S. this year, per Crunchbase data. It doubles the $50 million round Utah-based Spiff raised in May.

In general, funding to U.S.-based sales tech startups have been in a lull this year, with about $550 million going to such companies.

Last year saw $2.8 billion raised by such startups even as the venture market slowed. That included Apollo.io closing a $110 million Series C round led by Sequoia Capital in March 2022 after raising its Series B in late 2021.

Founded in 2015, the company has raised more than $250 million, per Crunchbase.