This news comes on the heels of its Series F round. Highspot plans to use the funding to support product development and international expansion. Here are the top-line bullets you need to know.
Highspot, a sales enablement software provider, has raised $248M in a Series F. The round drew participation from Tiger Global Management, ICONIQ Capital, B Capital Group, Sapphire Ventures, and Salesforce Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- Washington-based Highspot enables companies to enhance the performance of their sales teams.
- Between 2019 and 2022, the company reportedly grew its revenue by 935%. Additionally, its ARR retention rose above 130% last year.
- Its platform usage increased 150% year-over-year in 2021.
- Highspot caters to over 700 customers, including Aetna, Siemens, IBM, Verizon Media, Nestle, General Motors, and DocuSign.
- It currently has more than 800 employees spread across its offices in Seattle, London, and Munich.
WHY DOES THE MARKET MATTER?
- The global sales enablement platform market is expected to reach a value of $4.5B by 2027, growing at a CAGR of 19.5%, according to Global Industry Analysts.
- Rising cloud adoption and the increased demand for sales process automation and enhancement have contributed to market growth.
- Enterprises using AI in sales increased leads by over 50%, reduced call time by 60–70%, and lowered costs by 40–60%, according to the Harvard Business Review.
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