Sales enablement platform Highspot announced it has secured $60 million in Series D funding.
ICONIQ Capital led the round, with participation from new investor Sapphire Ventures and all existing investors including Madrona Venture Group, OpenView, Salesforce Ventures and Shasta Ventures. The new funds will be used toward Highspot's global expansion, as well as further extend its technology leadership in the sales enablement category.
It has been predicted that by 2021, 15 percent of all sales technology investments will be applied to sales enablement technology, an increase from 7.2 percent in 2017. Yet research shows that 65 percent of content produced by marketing for use by sales is never utilized. Highspot's platform combines machine learning and intuitive user experience to connect sales and marketing in order to deliver personal, relevant customer conversations.
"Enablement is the new customer battleground," Highspot CEO Robert Wahbe said in a press release. "Sales technology is moving toward a system of intelligence and collaboration. Now, more than ever, customer-facing teams need a system of truth for content and guidance. This is Highspot. We make our users trusted advisors to their customers, which is a real competitive advantage."
"Highspot epitomizes our focus on clear product leaders that can make a global impact," added ICONIQ Capital General Partner Matthew Jacobson, who is joining the Highspot Board of Directors. "They are poised to capitalize on several powerful trends including the growing importance of sales enablement as a critical pillar of the modern sales and marketing technology strategy."
In fact, the funding comes during a period of steady growth for the company. Highspot's revenue, customer base, existing customer expansion and employee count have more than doubled year over year. In addition, the company recently leased new headquarters — a 55,000-square-foot space near the Seattle waterfront — and launched its EMEA operations earlier this year with the opening of its London headquarters.