InsideView, a provider of social selling and sales intelligence tools, recently announced that it has closed a $12 million Series C funding round led by Foundation Capital, the investor behind companies including Netflix, Chegg, Financial Engines, Rearden Commerce and SimplyHired. Also participating in the round are existing investors Emergence Capital Partners, Rembrandt Venture Partners and Greenhouse Capital Partners, according to a company press release.
With the new funding, Foundation Capital General Partner and enterprise technology veteran Paul Holland will join InsideView's board of directors.
InsideView said it will use the new funds to expand distribution partnerships, which will accelerate the availability of InsideView to the more than 10 million BtoB sales people worldwide. InsideView will also continue to invest in market education, with programs like the recently launched Social Selling University, set up to educate and train sales professionals in how to leverage social media to increase sales effectiveness. According to the company, participation in Social Selling University has been staggering in its first month, demonstrating the need for companies to embrace social media in their sales and marketing efforts.
"This was a clear opportunity to invest in a market leader," Holland said. "InsideView has built the most powerful platform for analyzing vast amounts of data and delivering actionable information to sales organizations, increasing sales productivity and revenue. Now they are leading the way in social selling, transforming the exploding amount of social media into intelligence that impacts the sales cycle…Their technology is unmatched, their customers are successful, their partners are world-class, and their management team is experienced. We are excited to be part of InsideView's explosive growth."
More than 75,000 sales professionals across more than 1,000 companies are currently using InsideView's sales intelligence technology. In the past year, the company’s user base grew from 20,000 to 75,000, while its revenue grew 135%, according to the company.
InsideView was recently named to JMP Securities' 'Hot 100' List of Best Privately Held Software Companies, as well as IDC’s Innovate Software Companies Under $100M to watch.
"Sales professionals are being overwhelmed by vast amounts of customer data, and they need help in distilling this data into highly targeted sales intelligence," said InsideView CEO Umberto Milletti. "Our technology helps sales teams be more productive, successful, and increases company's top-line revenue by at least 10%. The powerful sales intelligence we provide enables social selling and allows sales professionals to find opportunities, establish relationships, build trust, and close business faster."