Outreach, a Seattle, Washington-based software startup developing a semiautomated sales engagement platform, today announced that it’s raised $114 million in a series E funding round led by private investment manager Lone Pine Capital, with participation from a wealth of new and existing investors including Meritech Capital Partners, Lemonade Capital, DFJ Growth, Four Rivers Group, Mayfield, Microsoft Ventures, Sapphire Ventures, Spark Capital, and Trinity Ventures.
It values the company at a whopping $1.1 billion and follows a $65 million series D venture capital round in 2018, bringing Outreach’s total funding to date to $239 million.
CEO Manny Medina said the cash infusion will allow it to double its machine learning team, expand its international footprint, and further grow its partner ecosystem, adding that he expects Outreach to reach an annualized sales rate of $100 million within the next year.
“That’s right: Outreach is officially a ‘unicorn’ and the only one in the rapidly growing sales engagement space,” said Medina, a former Microsoft director.
“Through market education and creating a product that delivers on the promise of an inherently better workflow for all customer-facing teams we have built the sales engagement category from the ground up and are uniquely positioned to leverage this momentum across the entire enterprise.
This funding will enable us to continue innovating directly for the end user, using the latest in machine learning and natural language processing to deliver a platform that is easy to use and provides immediate value through every action.”