Seattle-based company Highspot is the industry’s only unified, natively built sales enablement platform. Founded in 2012, the company has become one to watch, with its hyper-growth driven by the critical role sales enablement plays in a company’s ability to improve the performance of its sales teams. This is where Highspot shines. Its innovation leadership and customer satisfaction resulted in back-to-back record quarters for new customer wins and annual recurring revenue growth in fiscal year 2021.
Cloud-based communications company RingCentral started using Highspot last year and now has 2,500 sales reps accessing 10,000 pieces of content weekly. The company counts more than 400 deals that were positively influenced by Highspot, Sheevaun Thatcher, the Global Head of Digital Learning and Enablement at RingCentral told The Seattle Times.
Now, Highspot has joined the growing list of billion-dollar startups sprouting up in the Seattle area, with its announcement of a $200 million Series E round that values the 9-year-old company at $2.3 billion. Its valuation has more than doubled since the company raised its most recent round in 2019.
The round was led by Tiger Global Management, with participation from new investor Bain & Company. The round included all existing investors including ICONIQ Growth, Madrona Venture Group, OpenView, Salesforce Ventures, Sapphire Ventures, and Shasta Ventures.
“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 at Tiger Global Management.
Leading companies across industries, including DocuSign, General Motors, John Deere, Nestle, and Verizon Media, are using Highspot’s sales enablement platform – complete with content, guidance, training, coaching, engagement intelligence, and 360-degree analytics – to win and keep customers at scale. In 2020, Highspot connected more than three million salespeople, channel partners, services reps, and customers in digital sales experiences, representing a 100% increase in platform usage from 2019. Highspot also created the world’s largest community of sales enablement professionals, Sales Enablement PRO, which has grown to more than 13,000 members in less than two years.
The additional capital will be used to fuel the company’s next phase of growth. Following the fresh investment, Highspot will continue to expand its international operations. The company plans to make its next moves in France as well as a slew of countries in the Asia-Pacific market.