Gong raises $200m at $2.2b valuation

Amit Bendov and Eilon Reshef  / Photo: Rami Zaranger

The Israeli company says it helps sales staff raise revenue, reduce customer churn rates, and increase market share.

Israeli revenue intelligence company for sales teams Gong has raised $200 million in a Series D financing round  led by Coatue and with participation from Index Ventures, Salesforce Ventures and Thrive Capital, and existing investors Battery Ventures, NextWorld Capital, Norwest Venture Partners, Sequoia Capital and Wing Venture Capital. The round was completed at a company valuation of $2.2 billion. This latest financing round comes only eight months after Gong raised $65 million in its Series C round at a company valuation of $650 million, and brings to $334 million the amount raised by the company.

Gong was founded in 2015 by CEO Amit Bendov, and CPO Eilon Reshef, and has 350 employees at its offices in Israel and the US.

Gong has developed a system that helps sales staff and organizations identify behavior patterns and trends from data and issue insights that can raise sales, reduce customer churn, and increase market share by making decisions based on the company's interactions with customers - through organizational systems and various communications channels.

Bendov told "Globes," "We are doing for customer communications software what Mobileye is doing for cars."

He said, "We made a bold prediction in 2016 that Gong's technology would become the most significant innovation for sales since the invention of CRM. The market has proven that prediction was correct. With global sales teams switching to remote work and field sales teams grounded for the foreseeable future, we are seeing substantial demand for Gong's solution even in a challenging business environment. There is a new way to win in sales and the best sales teams are turning to Gong's Revenue Intelligence Platform to guide them down that path."

Published by Globes, Israel business news - en.globes.co.il - on August 12, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Amit Bendov and Eilon Reshef  / Photo: Rami Zaranger
Amit Bendov and Eilon Reshef / Photo: Rami Zaranger
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