Sales Enablement Platform vendor Highspot closed on a $248 million Series F that valued the firm at $3.5 billion, up from its February valuation of $2.3 billion. The firm, founded in 2012, has raised $648 million to date. The round was led by B Capital Group and D1 Capital Partners, with Iconiq Growth, Madrona Venture Group, Salesforce Ventures, Sapphire, and Tiger Global Management also participating.
“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.”
Highspot will deploy the funds to hire additional staff and open offices in the EMEA and APAC regions. The firm, which doubled in size over the past two years to 800 employees, plans to add 500 staff over the next twelve months. Highspot is based in Seattle, with offices in London, Munich, and Paris.
The pandemic accelerated demand for digital platforms such as Highspot as “road warriors have become home warriors,” said Wahbe. In addition, the shift from traditional selling to digital required new tools and skills. “Salespeople have to be better than ever in holding the attention of the customer.”
“Even before the onset of the pandemic, buyers were trending toward self-reliance with a plethora of resources at their fingertips, researching vendors on their own time and relying on salespeople as mere transaction facilitators,” Wahbe told VentureBeat via email. The sudden shift to a remote business landscape caused by COVID-19 accelerated this trend, and now modern buyers prefer — and expect — fully virtual sales … A handful of sales tech companies anticipated the trend toward digital selling and strategically designed their products to help turn salespeople from transaction helpers into heroes. Highspot is one such company.”Highspot CEO Robert Wahbe, “Highspot raises $248M to bolster sales enablement using AI,” VentureBeat (January 13, 2022)
The firm, which has over 170 open positions, is broadly hiring across engineering, product, design, marketing, and sales.
“We see an incredible opportunity in front of us,” said CEO Robert Wahbe. “We need to continue to invest very significantly and invest in our go-to-market team, invest in our product, and [invest in] the capabilities of our product.”
Last month, Highspot announced a quartet of executive hires:
- Arvind Prakash, Product Management VP: Prakash is a global product and technology leader with over twenty years of experience at Compass, Expedia Group, and Microsoft.
- John Zhang, Engineering VP: Zhang held Engineering roles at Microsoft, Twitter and Weibo.
- Julie Valenti, Account Management VP: Valenti has over twenty years of experience running customer-facing teams at DocuSign, Oracle, Responsys, and Yesmail.
- Kelly Lewis, Revenue Enablement VP: Lewis joins with over 15 years of experience in revenue leadership and technology sales. Lewis is a former Highspot customer joining from Amwell.
The recently launched Highspot Marketplace is a partner exchange for marketing, sales, enablement, and customer success partners. Companies can import packages of content, tools, and training from two dozen partners, including Sandler, Challenger, and Winning by Design.
Highspot has grown revenue 935% over the last three years and posted an Annual Recurring Revenue net retention rate of 130% over the past year.
Last year, platform usage increased 150%, with Highspot providing training to eight million salespeople, channel partners, service reps, and customers in digital sales experiences. Highspot counts DocuSign, General Motors, Nestle, Siemens, and Verizon Media among its 700+ customers.
Wahbe envisions the firm going public but did not set an IPO timeframe. “Our focus continues to be on building a significant company in the enablement space,” said Wahbe. “We’re focused on growing the company, which of course then enables us to go public.”