Sales engagement software vendor SalesLoft recently announced that it has raised $100 million in Series E funding on January 6, 2021.
SalesLoft nearly doubles in valuation in less than two years
The Series E funding round brings SalesLoft’s valuation all the way up to $1.1 billion and represents nearly a doubling in valuation since its last funding round which took place back in April 2019.
Over the years, SalesLoft has raised over $245 million which might point to the growing popularity and need for sales engagement solutions.
Throughout the past few years, sales engagement software has become increasingly important for businesses to automate and manage all aspects of sales outreach. The core functions of this product enable companies to combine their sales and marketing efforts to create personalized and automated sales journeys that they manage via emails, calls, social posts, meetings, and text messages. This allows businesses to focus more of their time on sales, and less time inputting manual work in their outreach efforts.
While sales engagement software has been gaining momentum over the last few years, it’s popularity rose during the COVID-19 pandemic when businesses began to transition to fully remote sales teams. CEO of SalesLoft, Kyle Porter recognizes that the pandemic accelerated the need for businesses to transition to a more digitally-focused sales approach. As per an article in Business Insider, Porter says, “There was a massive tailwind to the digital sales movement as companies transitioned to working remotely and SalesLoft picked up and ran.”
G2 data supports the growing popularity of sales engagement software over the past three years. The traffic data below shows that while traffic significantly increased since 2018, it spiked to all-time highs during the last eight months of the pandemic and reached an all time high in October 2020.
SalesLoft is not the only sales engagement software vendor that’s had a fresh round of funding during the pandemic. Back in June 2020, Outreach raised $50 million in a Series F funding round, which raised the valuation of the company to $1.33 billion. In addition, another sales engagement software vendor Groove raised $12 million in Series A funding in May 2020.
With all of this movement and rise in funding in the sales engagement space, we should continue to see this market grow in 2021.
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