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Software architect Gong raises $200m valuing it at $2.2b

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Gong.io Ltd., announces a $200 million funding round valuing it at $2.2 billion. The investment was led by Coatue Management, Index Ventures, and Salesforce Ventures and joined by earlier investors including Sequoia Capital and Battery Ventures, according to a statement.

The valuation is almost triple the $750 million Gong secured in December. The San Francisco-based company has now raised $334 million since 2016.

The software maker helps companies gather and analyze customer data including emails and phone calls. It uses artificial intelligence to analyze the data to improve sales and reduce customer churn. Gong has more than 1,100 corporate customers, including PayPal Holdings Inc., Shopify Inc. and Slack Technologies Inc. Its software is used by 64,000 sales and support professionals.

The company has 350 employees across its offices in the San Francisco Bay Area, Atlanta and Israel.

Gong has “become a verb and the standard for best practice and best run sales team,” said Thomas Laffont, co-founder and senior managing director at Coatue. Laffont said his firm invested with the expectation that Gong could go public eventually.

Amit Bendov, Gong’s chief executive officer, said that an IPO for the startup is likely two to three years away. He said past challenges he faced as an entrepreneur led him to co-found Gong.“I was frustrated by how little we know about our customers,” said Bendov, who was CEO of analytics software business SiSense Inc. until 2015.

 

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