Gong raised $250 million at a valuation of $7.2 billion

Israeli business intelligence for sales reps firm Gong has completed a $250 million Series E funding round led by Franklin Templeton and with the participation of existing investors including Coatue, Salesforce Ventures, Sequoia, Thrive Capital and Tiger Global. This brings the total amount raised by Gong to $584 million, which raised $200 million last August when the company was valued at about $2.2 billion. Over the past 10 months, Gong’s valuation has more than tripled to $7.2 billion, known to be the highest valuation ever achieved by an Israeli startup in a funding round. Related Articles Gong raised $200 million at a $2.2 billion valuation Gong has developed a system that helps sales people and organizations identify behavior patterns and trends from data and generate insights that can increase sales, reduce customer disruption, and increase market share by making decisions based on the company’s interactions with Customers – through different organizational systems and communication channels. Gong was founded in 2015 by CEO Amit Bendov and company chief of staff Elon Reshef. Gong serves more than 2,000 companies and has an estimated annual recurring revenue of $100 million. The company has 550 employees including 170 employees in research, development and product management at its offices in Ramat Gan Diamond Exchange. Gong plans to increase its Israeli workforce to 300 and its worldwide workforce to 1,000 by the end of 2021. Bendov said, “Just as we predicted in 2015 when Gong started leveraging AI to understand customer needs, we have seen exponential growth in the last year Proving revenue intelligence has been a game changer for businesses. As professionals around the world are forced to connect with customers remotely for the first time, they are becoming more dependent on data and insights to win the hearts and minds of their customers. Gong is no longer just a luxury, it has become a necessity And it became clear that our product, which makes recommendations based on reality, has the potential to change the way we all do business.” Bendov said that all the money raised today will go to the company and that it is planned to make a secondary offer in which shareholders will sell some of their shares in the near future. Published by Globes, Israel business news – en.globes.co.il – June 3, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021