Outreach, the largest and fastest-growing sales engagement platform provider, announced today it has closed a $200m funding round co-led by new investors, Premji Invest and STEADFAST Capital Ventures.
This funding round raises Outreach’s valuation to more than $4.4bn and its total funding to $489m. The additional funding will further strengthen Outreach’s position as a leading sales technology platform while accelerating market expansion and growth.
“This past year represents a true moment of maturity for Outreach – we are now a mission-critical part of the revenue tech stack for customers,” said Manny Medina, CEO and co-founder of Outreach. “The bets we made years ago, including significant investments in artificial intelligence combined with prospecting, closing and customer success capabilities integrated into one holistic platform, are what revenue organizations need most right now to be successful. We continue to lead and expand the vision for sales engagement. Now, we are poised to deliver more meaningful business outcomes for our customers than ever before – from the rep to the CRO, and from small businesses to the enterprise.”
The funding news comes after a year of growth for Outreach, where momentum was accelerated by global shifts to remote and digital selling. Outreach grew Q1 ARR by more than 100% year-over-year and is now used by many of the world’s leading revenue organizations, including 18 of the top 25 fastest-growing public software companies.
“Over the past five years as I’ve served on the board, Outreach emerged as a definitive standard for sales and customer engagement – proven by thousands of companies that use Outreach every day as a critical component of their workflow and their tech stack,” said Karan Mehandru, Managing Director of STEADFAST and Outreach board member. “Companies across every industry are reaccelerating growth and hiring post-pandemic and embracing intelligent automation to power their revenue teams. We are proud to back Manny and his team as they continue their mission of serving revenue teams across the world, powering the growth engine of the economy and building an iconic company that is poised to be a leader for years to come.”
Other new investors include Tiger Global Management, Sequoia Capital Global Equities, Vista Public Strategies and one of the largest U.S. asset managers based on the West Coast. Existing Outreach investors, including Salesforce Ventures, Lone Pine Capital, Sands Capital, Mayfield Fund, DFJ Growth, and Trinity Ventures, are also participating in the round.