Sales Intelligence and Engagement vendor Apollo.io closed a $32 million Series B led by Tribe Capital, with participation from NewView Capital and existing investor Nexus Venture Partners. In addition, Sri Pangulur, a partner at Tribe Capital, joined Apollo.io’s board. Total funding sits at $41.3 million.
Apollo is deploying the funds towards building out its product and engineering teams. It will also expand its sales, marketing, and operational resources, including additional leadership hires.
In a blog announcing the transaction, CEO Tim Zheng admitted that the Apollo brand is not well known and that Apollo will be using the funds to address brand weakness. “Our next steps include increasing awareness of Apollo, increasing our user base outside of small teams, and building out an intelligence layer in Apollo to make individual sales reps and teams more successful.”
Apollo is growing rapidly, with its customer base increasing 200% over the past year despite awareness issues. It has been profitable for the past eighteen months and has more than one million users and 9,000 paid customers.
“Apollo is challenging the status quo in B2B lead intelligence and sales engagement by making contact data and prospecting tools in this space more accessible,” said Pangulur. “Seeing the company’s incredible growth over the past year, enhanced product offerings, and new client acquisitions, we are confident in Apollo’s ability to disrupt the SalesTech market for B2B companies, offering a more intelligent, more cost-effective, and simpler solution.”
Apollo falls into a category that I’ve labeled Hybrid Engagement that combines sales engagement tools with sales intelligence and B2B DaaS. Other vendors with Hybrid Engagement capabilities include ZoomInfo, Cognism, Data Axle Genie, and VanillaSoft.
“Sales professionals at B2B companies are burdened by a go-to-market process that’s manual, tedious, and complex. It’s stifled by convoluted workflows, very little guidance, lengthy onboarding, and high price tags for name-brand solutions,” said CEO Tim Zheng. “This funding will help us further accelerate our product-led growth model, which has seen tremendous success in the contact data space.
“Apollo’s vision is to give its customers the most powerful and intelligent GTM platform in the industry, so they can reach their full market potential,” continued Zheng. “We want to make access to B2B data even easier, while enhancing the data with sales intelligence and automated workflows.”
Apollo has assembled a database of 200 million contacts across ten million companies. Data include direct-dial phones, emails, funding intelligence, technographics, and job changes. Apollo’s dataset supports direct research, lead prospecting, and LinkedIn matching via a Chrome Extension. In addition, Apollo Refresh performs real-time updates in Salesforce.
Sales Engagement features include sequences (cadences), automated emails, A/B testing, a click-to-call dialer, and a rules engine.
“As we emerge from the pandemic, buyers want an Amazon-like experience where companies are anticipating their needs. You need user data to better drive the sales experience, and as it evolves more personalized capabilities as well,” said Zheng. “Apollo has some unique positioning in that they are doing product-led growth, but also covering the data stack as well.”
Apollo employs a freemium model with ten free exports per month, the Chrome extension, a Gmail extension, and limited sequences.
Basic, at $49 per user per month ($39 billed annually), provides 250 export credits per month, unlimited sequences, email integrations, and a broader set of reports and Dashboards.
The Professional edition adds the dialer, call recordings, customizable reports, and 1,000 exports per month. Professional is priced at $99 per user per month when billed monthly and $79 per user per month when billed annually.
There are additional fees for full Salesforce synchronization, API access, Apollo Refresh, and exporting up to 10,000 records at a time. In addition, advanced dialer features (e.g., international dialing, call transcription, local presence, and CRM logging) are only available as part of custom packages.