Relationship Intelligence platform Introhive closed on a $100 million Series C. The round was led by PSG, with Bank of America Securities joining. Existing investors The Business Development Bank of Canada (BDC), Aegis Group Partners, Evergreen Coast Capital, and Mavan Capital Partners also participated.
Introhive will be deploying the funds for strategic acquisitions, expanding its global footprint, and growing its engineering, sales, and marketing teams.
“At the moment, our primary goal is to grow as fast as we can possibly grow,” said Global VP of Sales Adam Draper. “And we don’t want pure organic growth to be the limiting factor. So with this amount of money, it just gives us the option (to buy) companies that maybe did well in a certain vertical but couldn’t expand beyond that…or maybe had some sales hiccups, or whatever.”
Introhive, based in Fredericton (New Brunswick) and Miami, anticipates growing from 300 employees to 400 over the next year.
“For us, (the raise) is about continuing to evolve our platform, innovating on technology, staying ahead of our competitive product roadmap, and ensuring the success of our employees,” said Draper.
The round follows a strong 2020 during which Introhive claims to have doubled its revenue to over $20 million. It is projecting $100 million by the end of 2023, said Draper.
During the pandemic, Introhive refined its sales processes and workflows.
“We really focused in 2020 on scaling what I call the operational, the core parts,” said Draper. “Anytime you’re scaling, especially in my world, from a sales perspective, it’s easy to put the sales bodies in place, but you have to have the infrastructure to support that. And so we put a lot of time into process workflow, our tech stack, but also our strategy.”
“Our internal compass focuses on the 3 R’s – revenue, retention, and relationships – as the key ingredients to a successful and thriving business,” said Introhive CEO Jody Glidden. “Whether a company is trying to reduce customer or employee churn, make their revenue generating teams more effective or leverage the numerous untapped connections of ‘who knows who’ that exist in their company, Introhive is creating raving fans.”
“Businesses of all sizes are looking for better ways to leverage relationships and drive revenue, and we believe Introhive has built a unique and innovative set of capabilities that allows them to do this more effectively. In our view, Jody and Stewart (Walchli, CRO) have built a world-class product and management team, and the business is well-positioned for its next phase of growth. We couldn’t be happier to join them on their journey.”Rick Essex, Managing Director at PSG and New Introhive Board Member
Introhive looks to address the high failure rate of CRM projects by mapping relationship data and identifying opportunities. Introhive claims to save its customers $68,400 per employee on lost productivity and automating manual work.
Introhive boosts CRM adoption through automated contact data enrichment and uploads. It claims to uncover 350 additional contacts per user. “The AI engine then maps these contacts to identify relationships across prospects and customer accounts.” By reducing research and data maintenance overhead, sales and business professionals can focus their activities on prospects and clients, driving customer satisfaction and the bottom line.
Last year, Introhive processed more than one trillion transactions, captured 60+ million contacts and relationships, saved nine million employee hours, and supported users across 90 countries.
“Great salespeople are most valuable when they’re building relationships — and business — with customers,” commented Nicole France, Principal Analyst at Constellation Research. “By intelligently capturing data insights, technologies like Introhive increase the quality and timeliness of the data and help salespeople prioritize their efforts where it matters most. Sellers can focus more of their time on the insights generated from relationship intelligence and putting it to use. As a result, sales and account teams understand the needs of their customers and prospects better than ever before, resulting in more upsells, shorter lead times, and more revenue.”
Introhive has benefited from using its application. “I think using Introhive at Introhive has always been one of the reasons that we’ve grown so fast,” said Draper. “I remember in the early days, when we couldn’t get leads, we used our software to tap into the networks of our highly connected investors and advisors to create introductions and get some of those first sales.”
Introhive has ten offices in the United States, Canada, United Kingdom, Middle East, and Asia.
Introhive did not disclose its market cap.