Databook provides insights for sales reps to become customer experts – Techdoxx

Deepak Gupta February 14, 2022
Updated 2022/02/14 at 4:16 PM

after securing $16 million in Series A funding last April, data bookan AI-powered consultative sales intelligence company, is back, this time with $50 million in Series B funding.

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

That’s where Databook comes in, providing tools, at the click of a button, that enable reps to become experts for their customers. Its customer base currently generates more than $300 billion in sales revenue each year and includes enterprise companies such as Salesforce, Microsoft and Databricks that use this technology to improve customers’ shopping experience, resulting in greater customer acquisition. revenue.

“The Databook platform is a powerhouse to enhance your reps’ business acumen, help them prioritize their accounts, and direct their entire sales effort directly to the business problem they’re trying to solve,” said Frank Perkins, AVP Salesforce Corporate Sales. in a written statement. “The Databook will revolutionize the way you do account planning and prepare your reps to sell on your accounts. And it does all of this in a way that is fully accessible to the average sales rep. Game. Exchanger.”

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

Databook co-founder and CEO Anand Shah said in an email that the company did not intend to raise additional capital anytime soon. In fact, it had been seeing threefold revenue growth over the past four years, much of the demand coming with little marketing spend.

“We have a strong balance sheet that is unique to our size and stage, but we have decided to get additional funding now to accelerate hiring to support the speed at which we are innovating and adding new clients to our roster,” added Shah.

While the company has several investors vying to lead the round, Shah said Databook chose Bessemer, a company she has known for some time, because it was “the #1 cloud SaaS investor with an excellent track record” and “they have an extensive investment and portfolio operations team that can significantly help us on our journey,” he added.

Shah plans to use the funding in three ways: The first is to hire across 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 move to digital and which, according to him, have made investments in customer relationship management and see a need to sales representatives are well informed. about their customers and need adequate time to sell effectively.

Customers leverage the Databook’s global dataset of 44,000 public and private companies, so the third area for capital will be expansion into Europe and Asia Pacific and investment in sales and marketing teams to complement the appointment, in 2021, from Peter Zuyderduyn, formerly with Accenture, as general manager in Europe.

The funding comes amid a plethora of changes happening with the company. Its rating has increased five and a half times since the Serie A round, and its headcount has doubled. Additionally, the company ended 2021 with revenue growth of 350%, with the fourth quarter being its strongest so far, following the closing of several seven-figure deals, Shah said.

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

Some of this employee growth has taken place at the executive level, with former Googler Neil Smith joining as Chief Technology Officer, Tamar Shor joining as Senior Vice President of Product after a stint at Treasure Data, and former Salesforce veteran Bruno Fonzi as Vice President. -President of Engineering.

Meanwhile, Shah says Databook pioneered consultative sales intelligence and continues to be a leader in this emerging category that is “the corporate B2B sales priority right now.” Despite huge investments in account-based technologies and sales training, enterprise software remains inefficient, with an average of 41% of revenues being spent on sales and marketing teams. He estimates that, on average, sales teams using Databook achieve three times the pipeline, generate nearly twice as many deals, and have a cycle time that is one and a half times faster.

“As companies look to the future, they must re-evaluate the role of digital selling in the enterprise,” he said. “To create customer value and trust, each member of the go-to-market team must function as a strategic advisor – aligning buyers and sellers with end-to-end solutions that address specific business outcomes.”

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