Seattle-based Highspot raises $200 million in growth funding to take sales enablement mainstream
The last time we wrote about Highspot was back in November 2018 when the Seattle, Washington-based AI-powered sales enablement startup raised $35 million to fuel global expansion. A lot has changed since then. Highspot helps companies including DocuSign, Dow Jones, General Motors, Nestle, Twitter, Verizon Media improve the performance of their sales teams by turning strategic initiatives into business outcomes.
Today, Highspot announced it has closed $200 million in Series E funding for the next wave of the company’s growth, including product innovation, international expansion, and partner ecosystem. The round, which values Highspot at $2.3 billion, was led by Tiger Global Management, with participation from new investor Bain & Company. The round included all existing investors: ICONIQ Growth, Madrona Venture Group, OpenView, Salesforce Ventures, Sapphire Ventures, and Shasta Ventures.
Founded in 2012 by David Wortendyke, Oliver Sharp, Robert Wahbe, and Scot Gellock, Highspot is the industry’s most advanced sales enablement platform, helping organizations close the loop across marketing, sales, and the customer. Through AI-powered search, analytics, in-context training, guided selling, and 50+ technology integrations, the Highspot platform delivers enterprise-ready sales enablement in a modern design that sales reps and marketers love. Using Highspot, sales teams can quickly find the best-performing content, and customize it for each opportunity—while marketers gain insights on content use and effectiveness to develop a data-driven strategy. Highspot has a 90 percent average monthly recurring usage and global support in 125 countries.
The demand for sales enablement technology has skyrocketed, with the percentage of companies with a dedicated enablement person, program or function having increased by 200 percent last year, according to the 2017 CSO Insights Sales Enablement Optimization Report.
Highspot’s hyper-growth has been driven by the critical role sales enablement plays in a company’s ability to improve the performance of its sales teams. Highspot’s innovation leadership and customer satisfaction resulted in back-to-back record quarters for new customer wins and annual recurring revenue growth in the fiscal year 2021.
“Sales enablement is about more than sales. It connects everyone from marketing and sales to post-sales in delivering a unified buying experience that wins, retains, and expands customer relationships,” said Robert Wahbe, CEO, Highspot. “Scaling your go-to-market strategy is a complex process with a large gap between strategy and action. We close this gap. Our single, unified platform improves sales performance by turning strategy into successful execution.”
“Salesforce changed sales 20 years ago. Marketo changed marketing 10 years ago. Now, Highspot’s vision is to fundamentally change the way companies go to market,” said John Curtius, Partner, Tiger Global Management. “Highspot’s secret is an authentic commitment to people – their employees, customers, and partners – that inspires a tremendously collaborative and resilient culture. We believe they’re capable of sustaining unmatched levels of innovation to achieve their vision.”