Salesforce Ventures-backed Outreach raises $200 million at a $4.4 billion valuation

·1 min read

(Reuters) - Sales intelligence provider Outreach said on Wednesday it had raised $200 million in a funding round led by new investors Premji Invest and STEADFAST Capital Ventures, taking the startup's valuation to $4.4 billion.

Other new investors such as Tiger Global Management, Sequoia Capital Global Equities and Vista Public Strategies participated in the round, which was joined by existing investors including Salesforce Ventures and Lone Pine Capital.

Outreach, whose customers include Microsoft Corp, Zoom Video Communications Inc and Adobe Inc, has raised $489 million in funds so far.

The company's artificial intelligence-driven platform provides information and insights to sales teams, thereby improving forecast capabilities and allowing them to close deals faster.

Outreach said its average rate of return more than doubled in the first quarter, compared to the same period last year, helped by a global shift to digital selling.

Tech startups have received strong funding support and have seen their valuations soar since the COVID-19 pandemic. The health crisis has forced businesses to invest in technology to better adapt to a remote working environment and understand their customers better.

The company said it would use the new funds to scale its sales and marketing businesses, invest in new markets and for expansion.

The Seattle-based company, with offices in London, Prague and San Francisco, has more than 800 employees.

(Reporting by Sohini Podder in Bengaluru; Editing by Maju Samuel)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting