Highspot, a sales enablement platform, announced its Series F funding on January 13, 2022, raising $248 million. B Capital Group and D1 Capital Partners led this round, with additional participation by Salesforce Ventures, ICONIQ Growth, Madrona Venture Group, Sapphire, and Tiger Global Management. Highspot’s post-money valuation is now at $3.5 billion, which has reportedly quadrupled in the past two years, showcasing enormous growth in the sales enablement software space.
Highspot is a Leader in G2’s category for Sales Enablement Software, which allows businesses to:
- Act as a repository of marketing content to be used by sales representatives
- Track prospect and customer engagement on content and sales pitches
- Allow users to upload a variety of collateral or build content directly within the tool
From December 2020 to December 2021, there was an 83.7% increase in reviews for the Sales Enablement Software category. Highspot is one of the many companies offering sales enablement software that is bringing attention to this growing category, as shown on G2’s Winter 2022 GridⓇ.
Evan Fiedler, principal at D1 Capital Partners, says:
“We believe Highspot continues to build a world-class team that is advancing not only the company, but also the entire sales enablement category. We’re ecstatic to join this incredible journey.”
What is driving the interest in sales enablement software?
The continued investment and growing reviews in sales enablement software clearly suggest it is a growing market, but why?
According to G2 data, here are a few reasons:
- High net promoter score (NPS): Based on G2 reviews, sales enablement software has an average NPS of 9.25. This showcases that users are receiving great value from this software and are likely to recommend it.
- Efficient implementation: 49% of G2 reviewers implemented sales enablement software within a month, with an additional 31.8% of reviewers implementing the software in less than three months. These quick implementation times are allowing users to leverage the benefits of the software and discover its value early on in the adoption process.
- Fast ROI: 36.85% of G2 reviewers saw an ROI in six months or less, with another 31.85% of reviewers seeing an ROI within one year. With over 68% of reviewers receiving an ROI within a year, this is likely another key factor driving the success of sales enablement software.
Leverage sales enablement regardless of company size and location
Sales enablement software has countless use cases for businesses of all sizes and locations. Highspot has stated that they will use part of this funding to further expand globally, which will likely create ample new opportunities to further provide sales enablement software. Over 23% of reviews for sales enablement software come from outside the US, which will likely continue to increase as this category continues to grow globally.
Sales enablement software is leveraged by companies of all sizes, with the largest portion of reviews coming from mid-market companies. However, the large presence of small business and enterprise reviews demonstrate that this software is amply used across company segments.
As workers globally are seeing an increase in remote work, particularly sales professionals, companies are seeking to leverage technologies that increase worker efficiencies and provide analytics into how prospects or customers engage with the material. Both of these are foundational to sales enablement software and will likely drive the category’s growth in the coming years.
Edited by Sinchana Mistry