Sales Engagement vendor Outreach achieved unicorn status following a $114 million round which valued the firm at $1.1 billion. Total funding reached $239 million. Round E was led by hedge fund manager Lone Pine Capital with Meritech Capital Partners and Lemonade Capital joining the round. Also participating were previous investors DFJ Growth, Four Rivers Group, Mayfield, Microsoft Ventures, Sapphire Ventures, Spark Capital, and Trinity Ventures.
Outreach had a very strong 2018 and now has over 3,300 customers and 50,000 users. The firm more than doubled its revenue last year and grew to 315 employees. Outreach expects to close 2019 with 450 headcount and hit annualized recurring revenue of $100 million in the next year.
“This financing will enable us to infuse every aspect of the customer journey with the power of machine learning so organizations can identify the actions that move the needle in order to make better, faster decisions,” blogged CEO Manny Medina. “We will also expand in the coming months by doubling our machine learning team, increasing our international footprint, and investing in our partner ecosystem, Galaxy, as well as our recently announced integration with Microsoft’s Dynamics 365 for Sales.”
Outreach offers Salesforce and MS Dynamics connectors and plans to release an SAP SE connector by year end.
It’s top competitor, SalesLoft, also received a large funding round. I will cover that tomorrow.