LeadIQ, a sales automation startup based in San Francisco, has raised $30 million in Series B funding to expand its account-based prospecting SaaS platform.
The funding round was led by global venture capital firm Cathay Innovation with participation from other investors like Launch Fund, Draper Associates, Fresco Capital, Strong Ventures, Eight Roads Ventures, and Alumni Ventures. This capital follows after a successful Series A round and brings the total funding raised by the startup to $42 million. Kavish Kothari, Principal at Eight Roads Ventures, said about the firm’s participation:
“Since our original investment early last year, we’ve been very impressed by the company’s pace of execution and growth amidst the pandemic. We’re thrilled to be doubling down on our conviction as we continue to support Mei and her team to strengthen their position in a rapidly growing market.”
Founded in 2015 by Mei Siauw, a former Oracle product manager, the startup was the result of a desire to build a modern, next-generation prospecting platform that could address the large inefficiencies common to the traditional outbound sales processes. The result was a platform that optimizes the entire end-to-end sales cycle to allow companies to accelerate their growth.
The startup, which also has offices in Singapore, has employees across 22 countries on six continents and its clients come from 45 countries over the world, including names like Okta, MuleSoft, and WalkMe.
LeadIQ’s revenue has tripled year-over-year while also establishing itself as a leader in the industry, with the new capital being allocated to accelerate account prioritization, buying team and contact personalization, and sales team collaboration, as well as the hiring for key management roles. Mei Siauw, founder and CEO of LeadIQ, referred to the startup’s mission and success by stating:
“We built LeadIQ to help sales teams everywhere make authentic prospect connections with a more thoughtful approach. The numbers speak volumes, where we tripled growth in our enterprise and mid-market segments year-over-year. With this latest financing, we look forward to working with current and new investors like Cathay Innovation, who have the global reach and local market expertise across the US, Europe, and Asia to help us scale further during this next phase of growth,”
Outbound sales efficiency has represented a major challenge for enterprises globally with 65% of teams missing revenue targets. Now, the sales automation startup them by significantly reducing time spent on manual and repetitive sales busywork, allowing the allocation of resources to other key functions.