Highspot raises funding to take sales enablement mainstream
This latest round of funding, which now gives Highspot a valuation of US$2.3 billion, follows back-to-back record quarters for new customer wins and annual recurring revenue growth in fiscal year 2021.
Currently used by global organisations such as Twitter, General Motors, Nestle and Verizon Media, Hotspot has undergone recent rapid growth, witnessing a 100% increase of usage in 2020 from 2019, with revenue growing an incredible 1,145% over the last three years.
In November last year, Highspot ranked No. 101 on Deloitte's Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, and energy tech companies in North America.
Sales enablement emerges as strategic necessity
Such rapid growth is being driven by the essential role that sales enablement is playing today in helping organisations improve the performance of their sales teams. In fact, the last year has seen sales enablement emerge as a “strategic imperative”, according to Mark Kovac, Partner and Global B2B Commercial Excellence Practice at Bain & Company, one of Highspot’s investors.
Those companies who have built world-class enablement teams and technology are “managing change and uncertainty at scale”, while others continue to struggle with agility and inconsistent performance.
Standing out from the sales enablement platform crowd
But more than just riding the wave of sales enablement demand, Highspot’s success is also testament to the fact that the platform is entirely unique. As the only unified, natively-build sales enablement platform, Highspot has the ability to turn strategy into successful execution.
According to Robert Wahbe, Highspot’s CEO, sales enablement is about more than just sales, it’s about connecting everyone from marketing and sales to post-sales in delivering a unified buying experience that wins, retains and expands customer relationships.
As such, scaling a company’s go-to-market strategy is a complex process with a large gap existing between strategy and execution. And that’s where Highspot comes in. “We close the gap. Our single, unified platform improves sales performance by turning strategy into successful execution,” states Wahbe.
It is Highspot’s differentiated approach, Kovac believes, that “will become the foundation upon which modern businesses achieve consistent revenue growth and market share gains”.
The platform which includes content, guidance, training, coaching, engagement intelligence and 360-degree analytics, is already being used by leading organisations across all industries, from Twitter, Aetna, DocuSign and General Motors, to Dow Jones, John Deer, Nestle and Verizon Media, to help those businesses win and keep customers at scale.
In fact, last year, Highspot connected more than 3 million salespeople, channel partners, services reps and customers in digital sales experiences, and created the world’s largest community of sales enablement professionals, Sales Enablement PRO, which has achieved 13,000 members in less than two years.
Funding global expansion and product innovation
So, where to now? Well, with the US$200 million funding secured courtesy of investors including Tiger Global Management, Bain & Company, ICONIQ Growth, Madrona Venture Group, OpenView, Salesforce Ventures, Sapphire Ventures and Shasta Ventures, Highspot plans to fuel its next wave of growth.
This includes investment in the following areas:
- Product Innovation To futher accelerate platform development, including deeper insights into go-to-market strategy and execution offered through Highspot’s industry-only Scorescards.
- International Expansion The company is looking to expand its existing EMEA operations into France and also enter the APAC market.
- Partner Ecosystem The company is looking to expand its Sales Acceleration Partners programme, which features over 25 of the leading sales methodology partners worldwide, and deepend investments in its tech partner ecosystem.