Fintech Funding News

Highspot Closes $248 Million Series F Round to Accelerate Growth and Product Innovation

Highspot Closes $248 Million Series F Round to Accelerate Growth and Product Innovation

Investment will fuel international expansion, product development and hiring across the business

Highspot, the sales enablement platform that increases the performance of sales teams, has raised $248 million in Series F funding. Highspot’s post-money valuation is now $3.5 billion, which has quadrupled in the past two years. The company’s total funding is now $648 million. New investors B Capital Group and D1 Capital Partners led the round with participation from existing investors: ICONIQ Growth, Madrona Venture Group, Salesforce Ventures, Sapphire and Tiger Global Management.

“Transforming the way millions of people work is more than a phrase, it’s our goal every day,” said Robert Wahbe, CEO, Highspot. “To deliver a product millions of people love, we must continuously cultivate a workplace that energizes, inspires and supports our people to be their full selves and do their best work. Our focus has driven spectacular growth and the best part is, we’re just getting started.”

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Highspot Drives Sustainable Revenue Growth for Customers Worldwide

Highspot is transforming the way millions of people work with the only natively-built sales enablement platform that helps companies drive consistent revenue growth. Customer adoption across the United States, the United KingdomEurope and Australia has driven significant performance results:

  • Revenue grew 935 percent over the last three years
  • Annual Recurring Revenue (ARR) net retention was greater than 130 percent over the last 12 months
  • Fortune 500 companies that have adopted Highspot include Aetna, Cardinal Health, Siemens, Staples, Yahoo and more
  • Highspot connected more than eight million salespeople, channel partners, services reps and customers in digital sales experiences last year, representing a 150 percent increase in platform usage from the previous year

During a time when the number of employees leaving or changing jobs is higher than it has been in two decades, according to the Bureau of Labor Statistics, retaining and enabling sales talent to be successful has become a key boardroom discussion. By helping customers increase individual rep performance and retain top talent across their teams, Highspot delivers a virtuous growth cycle that has helped dozens of customers enter the public markets and many publicly-traded businesses outperform expectations.

“Technologies that unlock human potential are foundational to our economic future,” said Rashmi Gopinath, General Partner, B Capital. “Highspot’s undeniable performance, coupled with the enthusiasm of their customer base, is a testament to how transformative their technology is for companies across industries and geographies. We believe Highspot’s platform is an imperative for businesses aiming to drive sustainable growth.”

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Unparalleled Workplace Culture, Rapid Employee Growth

Skyrocketing demand for sales enablement and Highspot’s differentiated solution has helped drive explosive employee growth, taking Highspot from a startup with 400 employees two years ago to a global business with more than 800 employees today. The company expects to grow by more than 500 employees in the next 12 months. Highspot will use the funding to deepen investments across its business as it expands globally, accelerates product development and continues to create a thriving company culture.

“At D1, we seek to back visionary companies that have both the people and the product to support long-term value creation,” said Evan Fiedler, Principal, D1 Capital Partners. “We believe Highspot continues to build a world-class team that is advancing not only the company, but also the entire sales enablement category. We’re ecstatic to join this incredible journey.”

Highspot is hiring for positions in every function, offering an unmatched growth opportunity and a culture that has been perennially honored on lists including the Forbes Cloud 100, Deloitte Technology Fast 500, Glassdoor’s Best Places to Work, Fortune Magazine’s Best Companies to Work For and many more.

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[To share your insights with us, please write to sghosh@martechseries.com]

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