SalesLoft secures $70 million funding for sales engagement platform

Reports confirm that an Atlanta-based startup, SalesLoft, has secured $70 million in a Series D round of funding which was led by Insight Partners and also participated by HarbourVest. It has supposedly created a platform for salespeople for helping them engage with their customers and provide communications tools, support data and analysis to coach salespeople for improving their processes.

Co-founder and CEO of SalesLoft, Kyle Porter, would not disclose the amount of funding, but confirmed that it is more than twice its valuation from the earlier Series C round of funding of $50 million that included LinkedIn among the investors, but is less than $1 billion.

The earlier round which was completed over a year ago would have valued the company at $250 million and that would bring current valuation of SalesLoft at more than $500 million, while sources with knowledge on the matter mentioned that it is about $600 million.

Apparently, SalesLoft is not the only company that has grasped this opportunity. There are several others that are competing on single aspects or entirely on all aspects of the same services that SalesLoft is offering, including Chorus.ai, Conversica, Clari, Afiniti, Gong, and Outreach which is perceived as a direct opponent on sales engagement. Earlier this month, Outreach itself secured $114 million on a $1.1 billion valuation.

Sources mentioned that LinkedIn is one of the strategic investors of SalesLoft which participated in its Series C round of funding. Before acquisition of LinkedIn by Microsoft, it was a potential competitor to Salesforce.

According to Porter, in each of the last two years, SalesLoft has grown in revenues by 100% and is also expanding its reach worldwide, by recently opening its new office in London. The company further increased its reach on more AI and intelligence and offers coaching network that is AI-based.

Source Credit: https://techcrunch.com/2019/04/25/salesloft-funding/