Gong bags $65m in funding to continue its rapid growth

Gong, an AI-powered revenue management platform, has bagged $65m in its Series C round which will help it meet rising market demand.

Sequoia Capital led the round, with previous Gong backers Battery Ventures, Norwest Venture Partners, Shlomo Kramer, Wing Venture Capital, NextWorld Capital and Cisco Investments, also contributing.

The FinTech platform has now raised a total of $134m since it was founded in 2015.

With the fresh funds, the startup will expand its product, engineering and go-to-market teams.

The FinTech utilizes AI technology to capture all customer interactions and analyse this to generate actionable insights for revenue leaders and sales professionals to improve their operations.

Gong has seen a strong year of growth. The company claims it has seen a five-times revenue growth in 2018 and a three-times growth in 2019. It has expanded its customer base to more than 700 companies and is supporting 45,000 sales professionals.

As part of the deal, Sequoia partner Carl Eschenbach will join the Gong board of directors.

Eschenbach said, “Gong has unlocked a world of potential with their AI-based approach to increasing revenue teams’ effectiveness,”

“Its hypergrowth of customer acquisition and retention demonstrates the widespread need for a revenue intelligence platform to address the gaps of relying on traditional CRM for understanding customer reality. The company’s Revenue Intelligence Platform may well be the next big evolution after CRM.”

Earlier in the year, Gong hired Sandi Kochar as its chief people officer and Tim Riitters as its chief financial officer.

Copyright © 2019 FinTech Global

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