Update: Outreach has secured $114M in Series E financing. Learn more here.
I’m very excited to share the news that as of May 21, 2018, Outreach closed our $65M Series D round of financing, bringing our total funding to $125M. We welcome our new investors Spark Capital and Sapphire Ventures and look forward to partnering with them to continue to lead and grow the Customer Engagement category. In 2017, we doubled our customer base and experienced over 100% revenue growth. This round of funding will enable us to double down on the investments that are driving revenue lift and efficiency for our customers, transforming sales from art to science.
Our mission is to help innovators, the evangelists of new technologies who face a lot of no’s before reaching the yes, to get their products to the people who need them, to successfully build new markets, and to fund the cycle of continuous innovation. For the past couple of years we delivered against that mission by equipping sales reps and leaders to drive predictable and measurable growth, to increase efficiency and effectiveness across the team, and to improve visibility into sales activities and team performance. We pioneered a new category of technology - the Sales Engagement Platform - that drove significant bottom line results for our customers.
But achieving revenue efficiency and delivering a world-class experience to every customer is the job not just of your sales team, but of every customer-facing employee. Many of our customers have already realized the power of Outreach to drive efficiency and lift across the revenue organization and are using Outreach for account management and customer success management in addition to pipeline generation and closing. The category has effectively grown beyond Sales Engagement to become Customer Engagement. I’m excited to announce our first priority for putting this round of funding to work: to accelerate our investment in innovations that make every member of the revenue team wildly efficient and effective.
Success in business is determined by two things: the experience you deliver to customers and the revenue growth you achieve. For many years, companies were flying blind about how to improve against either metric. In the absence of true insights, they relied on instinct or worse, dogma. That’s why we developed Amplify, our machine learning program - to help all customer-facing teams achieve maximum revenue efficiency by understanding the impact of actions taken in Outreach on customer outcomes and revenue lift. We’ve already helped teams like Glassdoor identify small tactical changes in their playbooks that immediately drove a 5% lift in revenue.
We’re excited by these early results but there remains much work to do. You can only make smart decisions around improving customer experience if you can measure the outcomes of every process for all customer scenarios, and understand how those outcomes directly impact revenue. The next revolution in business will be driven not by big bang AI programs that produce lofty recommendations that are difficult to put into action, but by stacking thousands of these quick wins on top of each other to drive efficiency into every corner of the business. The second priority for this Series D round is increasing our investment in Amplify to make every Outreach user drive better outcomes for their customers and their bottom line.