Highspot Inc., a name that delivers the most sophisticated sales enablement tools and software to enhance marketing effectiveness and increase sales, recently broke the news of securing USD 200 million in Series E funding.
Led by Tiger Global Management with new investor Bain & Company, the growth funding event witnessed participation from Madrona Venture Group, Sapphire Ventures, ICONIQ Growth, Salesforce Ventures, Shasta Ventures, and OpenView.
The round pegged Highspot at USD 2.3 billion.
On the performance front, sales enablement plays a critical role in Highspot’s hyper-growth as it improves sales teams’ performance. Additionally, Highspot’s innovative quotient and customer experience have resulted in back-to-back records for new customer acquisitions and annual recurring growth.
Highspot’s client base includes General Motors, DocuSign, Verizon Media, John Deere, and Nestle. These companies deploy Highspot’s sales enablement platform that offers comprehensive services such as content, training, coaching, guidance, engagement intelligence, and 360-degree analytics to acquire and keep customers at scale.
In 2020, the sales enablement platform connected over three million salespeople, service representatives, channel partners, and customers in digital sales experiences, delivering a one hundred percent increase in platform usage since 2019.
Additionally, Highspot supports the world’s largest sales enablement professional’s community, Sales Enablement PRO, which is more than 13,000 members strong in less than two years.
The expenditure plan
The funding will be used to power Highspot’s next wave of growth, including elements like,
Highspot’s platform is the only natively built solution in the sales enablement space; this is why the company can accelerate and improve capabilities without compromising industry-leading usability.
The new funding will further fast-track platform development and gain deeper insights for market-ready strategy and execution via industry-only Scorecards by Highspot.
The company’s expansion plan includes spreading the existing Europe and the Middle East and Africa (EMEA) operations in France and Asia Pacific (APAC).
The company’s Sales Acceleration Partners program comprises over 25 of the most popular sales methodology partners worldwide. Furthermore, the company plans to expand its program and make extensive investments in the technology partner ecosystem.
Sales enablement is a successful practice where the community plays an essential role in developing best practices. Highspot plans to continue supporting Sales Enablement PRO and the broader network of enterprises, making a difference to the sales enablement community.
The experts’ take
Robert Wahbe, CEO, Highspot, said, “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.”
He added, “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.”
John Curtius, Partner, Tiger Global Management, mentioned, “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.”
He added, “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.”
Mark Kovac, Partner and Head of Bain & Company’s Global B2B Commercial Excellence Practice, said, “Over the past year, sales enablement has emerged as a strategic imperative.”
He added, “Companies that have built world-class enablement teams and technology are managing change and uncertainty at scale, while others struggle with agility and inconsistent performance. We believe Highspot’s differentiated approach will become the foundation upon which modern businesses achieve consistent revenue growth and market share gains.”