Sales Engagement Startup Outreach Reaches Out to Unicorn Ranks

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A massive haul of new funding has put a sales engagement firm in some elite company.

Outreach, which is based in Seattle, Washington, has secured $114 million in Series E funding. Lone Pine Capital leads this round, backed by Meritech Capital Partners, Lemonade Capital, DFJ Growth, Mayfield, M12, Sapphire Ventures, Spark Capital, Trinity Ventures and Four Rivers Group. Outreach has raised $239 million to date.

This new funding round puts Outreach’s valuation at $1.1 billion, and is now the ninth US based unicorn among nineteen that have been announced so far this year. It’s also the first and only unicorn in the rapidly growing sales engagement category. See all the unicorns ranked in StartupsOne’s UnicornWatch.

Sales engagement is a new tech arena that uses machine learning to provide actionable knowledge to sales representatives and focus communications between sales teams and their prospects, resulting in an increase in sales pipeline, cycle velocity and close rate. Outreach counts Adobe, Microsoft, eBay, Eventbrite and AdRoll as its customers.

“Through market education and creating a product that delivers on the promise of an inherently better workflow for all customer-facing teams we have built the sales engagement category from the ground up and are uniquely positioned to leverage this momentum across the entire enterprise,” said Outreach’s CEO  Manny Medina, in a statement. “This funding will enable us to continue innovating directly for the end user, using the latest in machine learning and natural language processing to deliver a platform that is easy to use and provides immediate value through every action.”

Outreach plans to use the new funding to support the company’s growth.