Apollo.io, a leading sales intelligence solution, announced they had raised $100 million in Series D funding to reach unicorn status at a $1.6B valuation.
Bain Capital Ventures (BCV) led the Series D funding, with additional participation from existing investors, including Sequoia Capital, Nexus Venture Partners, and Tribe Capital. This comes just over a year after Apollo.io’s Series C funding in March 2022.
Another PLG success and expanded feature solution
Apollo.io’s recent funding is noteworthy for a few reasons.
First, the ability to raise capital in the turbulent economic climate is impressive, particularly after their recent Series C in March 2022 and Series B in November 2021.
Secondly, Apollo.io notes its “dedication to product-led growth” and offers a freemium solution. This enables customers to leverage the free version of their product and be upsold as their usage and adoption increase.
Lastly, Apollo.io has expanded its core offering over the years, penetrating the sales engagement and AI writing assistant categories.
Apollo.io’s feature expansion aligns with buyers' preferences
Apollo.io’s recent product enhancements, such as sales engagement, AI writing assistant, conversation intelligence, and deal intelligence (still in beta), built in-house compared to through acquisitions, position them strongly for buyers looking for a consolidated sales tech stack.
This sentiment was echoed by Tim Zheng, co-founder and CEO of Apollo.io, who told G2,
“Apollo.io was built from the ground up to be an all-in-one solution across the entire sales funnel, natively unifying data, sales intelligence, and sales execution throughout the entire buying process.”
Additionally, Tim Zheng spoke to Apollo.io’s approach to product-led growth (PLG) by stating,
“Apollo.io’s unique approach to product-led growth — where the majority of funds are invested into product development, and everything is built in-house — has resulted in a rapid increase in users and revenue. Part of why we were able to grow so quickly and efficiently is we’re product-driven.”
The latest influx of funding will be used to continue product innovations, hire headcount, and develop an all-in-one solution.
Apollo.io’s expansive offering and PLG motions have resulted in success on G2, continuously gathering reviews across categories and showcasing how customers leverage their solutions.
The future of salestech consolidation
Apollo.io’s funding and desire to create an all-in-one sales solution are not unique. There have been many acquisitions in recent years suggesting a race to a sales solution that can serve the entire funnel.
However, Apollo.io’s approach to building natively and reliance on PLG motions is noteworthy. It will likely be an example for smaller companies who seek to gain market share and shift to more PLG-driven selling motions.
Blue is a senior market research analyst at G2 concentrating on sales software. Blue utilizes his genuine curiosity and background in market research to further build subject matter expertise in the B2B software space. Blue grew up in a military family moving all over the world, from South Korea to Germany to Virginia, where he now calls home. He received his B.B.A in Marketing with a Professional Sales concentration from James Madison University and in his free time enjoys traveling, trying new foods, watching and playing sports, and hanging out with friends and family.
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