Highspot Raises $248 Million to Expand Comprehensive Sales Enablement Platform

By Thomas Price | Thursday, January 13, 2022 | Startup, Tech

Highspot is a tech startup that has developed a sales enablement platform design that helps business owners boost their overall sales performance and improve marketing strategies. The company recently announced the close of a Series F funding round led by D1 Capital Partners to further scale the business.

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Highspot’s Sales Platform and Rapid Business Growth

Tech startup Highspot provides business owners marketing management tools, individual sales analytics, educational content designed to help sales representatives increase their sales rate, customer engagement data, and a return on investment (ROI) calculator, and more. These features are designed by the company to improve efficiency and help business owners increase revenue. 

Highspot has also created focused features that provide business owners comprehensive tools to launch new products. From creating basic information and sales pitches for representatives to measuring how effective multiple marketing campaigns are simultaneously, the tech startup offers a number of unique options for the occasion. 

The company also claims to be effective at boosting sales and revenue for any business. Highspot reports a 5x increase in buyer engagement as well as a 19% boost in the number of sales representatives that reach their quota.

The tech startup has experienced rapid growth in business over the past few years as well. In the last three years, Highspot grew its total revenue by 935% and increased its annual recurring revenue (ARR) by 130% over the last 12 months. At the same time, the company has reported a 150% increase in platform usage as more businesses have begun adopting Highspot’s software within their current sales departments. 

Highspot is a part of the growing global sales enablement platform market. The market is projected to reach a total value of over $7 billion by 2028. This value is expected to be achieved at a compound annual growth rate (CAGR) of 19.14%. The rapid adoption of technology in sales is a significant factor in the rise of this market. Another driving force for the market is the growing popularity of analytics as a tool to measure sales performance.

Highspot Funding Round and Plans for Company Expansion

In its Series F funding round, Highspot raised $248 million in capital. Alongside D1 Capital Partners, other participants in the funding round were Tiger Global Management, ICONIQ Growth, Sapphire, Madrona Venture Group, and Salesforce Ventures. The tech startup has now raised a total of $648 million and has achieved a public valuation of $3.5 billion. 

The company plans to use the new funding to hire 500 new employees over the next 12 months to bring its total staff up to 1,300 people. Additionally, Highspot plans to invest heavily in product development and in global expansion efforts. Most of the startup company’s business is currently centralized in the United States (US), United Kingdom (UK), Europe, and Australia. 

When commenting on the latest funding for the tech startup, CEO of Highspot Robert Wahbe said, “Transforming the way millions of people work is more than a phrase, it's our goal every day. To deliver a product millions of people love, we must continuously cultivate a workplace that energizes, inspires and supports our people to be their full selves and do their best work. Our focus has driven spectacular growth and the best part is, we're just getting started.”

About the Author

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Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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