Gong Raises 250M in Funds at Valuation of over 7B

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Reuters Gong, a platform leveraging artificial intelligence for sales teams, raised 250 million in a funding round that tripled its valuation to 7.25 billion, the company said on Thursday.

The Series E round, led by Franklin Templeton, brings Gongs total funding to 584 million. Existing investors, including Sequoia Capital, Thrive Capital, Salesforce Ventures and Tiger Global, also participated in the round.

This latest round confirms our market share as the leader in revenue intelligence in terms of growth, innovation, delighted customers and a valuation that supports our ongoing progress, Gong Chief Executive Officer and cofounder Amit Bendov told Reuters.

The companys patented revenue intelligence platform analyzes emails, phone calls or video calls to provide insights about markets, deals and employee skills. Its platform also recommends next best steps to move forward in deals.

Tech startups such as Gong have received strong funding support and have seen their valuations soar since the COVID19 pandemic began as the health crisis has forced businesses to invest in technology to better adapt to a remote working environment.

The company has over 2,000 customers across different sectors, said Bendov, including PayPal Holdings Inc, Microsoftowned LinkedIn and Slack Technologies Inc, among others.

This represents over 75 of the revenue intelligence market, based on company estimation, Bendov added.

Gong, which has over 550 employees across the globe, said it…

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