Databook provides insights to help merchants become customer experts – TechCrunch

Startups

After securing $16 million in Series A funding last April, Databook, an AI-powered consultative sales information company, is back, this time with $50 million in Series B funding.

While people are still working remotely in the third year of the pandemic, Salesforce reported that 88% of salespeople believe the “current economic conditions make it important to anticipate customer needs.” However, salespeople often lack the strategic insights, relevant business use cases, and personalized content needed to sell to executives.

This is where Databook comes in by providing tools at the click of a button that help reps become experts for their clients. Its customer base currently generates more than $300 billion in sales revenue per year and includes companies such as Salesforce, Microsoft and Databricks, who use this technology to improve the buying experience for customers, resulting in increased revenue acquisition.

“Databook’s platform is a compelling feature to improve your reps’ business acumen, help them prioritize their accounts, and focus their entire sales effort on the business problem it wants to solve,” said Frank Perkins, AVP Enterprise Sales at Salesforce. in a written statement. “Databook will revolutionize the way you conduct account scheduling and prepare your reps for sales in their accounts. And all this in a way that is completely accessible to the average seller. Game. changer.”

Microsoft’s Venture Fund M12 led Series A and is also a follow-up investor in this oversubscribed Series B round led by Bessemer Venture Partners. In addition to them, DFJ Growth and existing investors are Threshold Ventures, Salesforce Ventures and Haystack.

Databook co-founder and CEO Anand Shah said via email that the company was not looking to raise additional capital so quickly. In fact, it had seen triple sales growth in the past four years, with much of the demand coming with little marketing spend.

“We have a strong balance sheet, unique to our size and stage, but have decided to now take on additional funding to accelerate recruitment to support the speed at which we innovate and add new customers to our roster,” added Shah to.

Although the company had a number of investors vying for the lead, Shah said Databook chose Bessemer, a company it’s known for some time, because it was “the No. 1 cloud SaaS investor with an outstanding track record” and “they have an extensive investment and portfolio operations team that can help us significantly on our journey,” he added.

Shah plans to use the funding in three ways: the first is to hire people in all areas of the business, including product, engineering, sales, marketing and customer success. The second is to expand into new sectors such as banking, life sciences, retail and consumer goods — all areas impacted by the shift to digital that he says have invested in customer relationship management and recognize the need for merchants to be knowledgeable about their business. customers and need sufficient time to sell effectively.

Clients leverage Databook’s global dataset of 44,000 public and private companies, so the third area for the capital is expansion into Europe and Asia-Pacific and investments in sales and marketing teams to complement the 2021 appointment of Peter Zuyderduyn, formerly at Accenture, as general manager in Europe.

The funding comes amid a plethora of changes going on with the company. The valuation is up 5.5 times since the Series A round and the workforce has doubled. In addition, the company ended 2021 with 350% revenue growth, with the fourth quarter being the strongest quarter to date after closing multiple seven-figure deals, Shah said.

“This is direct evidence of the rapid growth of our business and customer base,” he added. “Thirty-eight percent of our business comes from traditionally underrepresented technology communities, and we are committed to high standards of diversity, equity and inclusion as we continue to hire people.”

Some of that staff growth has happened at the executive level, with ex-Googler Neil Smith as chief technology officer, Tamar Shor as senior vice president of product after a stint at Treasure Data, and former Salesforce veteran Bruno Fonzi as vice president of engineering.

Meanwhile, Shah says Databook pioneered sales advisory information and continues to be a leader of this emerging category that is “the corporate B2B sales priority right now.” Despite huge investments in account-based technologies and sales training, business software remains inefficient: an average of 41% of revenue is spent on sales and marketing teams. He estimates that sales teams using Databook realize an average of three times more pipeline, deliver nearly two times larger deals, and have one and a half times shorter cycle times.

“As companies look to the future, they need to reassess the role of digital sales in the enterprise,” he said. “To create customer value and trust, each member of the go-to-market team must act as a strategic advisor – aligning buyers and sellers with complete solutions that solve specific business outcomes.”

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