MindTickle, a startup that helps hundreds of businesses, large and small, improve their sales through its sell-to-sell platform of the same name, announced Monday that it has raised $ 100 million in a new round of funding.
SoftBank Vision Fund 2 led the new funding round of the Pune and San Francisco-based startup, which is a combination of debt and equity. Existing investors Norwest Venture Partners, Accel Partners, Canaan, NEA, NewView Capital and Qualcomm Ventures also took part in the round, in which, according to a person familiar with the matter, the eight-year-old startup was valued at around $ 500 million $ 250 million last year.
The vast majority of this $ 100 million fund is an equity investment, said Krishna Depura, co-founder and CEO of MindTickle, in an interview with TechCrunch. However, he declined to disclose the specific amount or comment on the review.
We used to live in a seller world where buyers had a small selection from which to choose their products. “They wanted to buy a car, there would only be one new car model every four years. Things have changed, ”said Depura, noting that there is no shortage of customers today for companies trying to sell them lines of products similar to them.
While this is good for customers, it means companies need to put more effort into making a sale. Regardless of what these companies are trying to sell, they are competing with dozens, if not more, of other companies in an attempt to reach customers whose patience is plummeting at alarming levels.
When Depura watched Facebook and game companies like Zynga develop addicting products and services a decade ago, he wondered if some of those insights could feed directly into the modern day sales effort. This was the beginning of MindTickle, which companies can now use to train their customer-centric teams.
MindTickle, whose name is inspired by the idea of playful mindsets, enables companies to train and educate their salespeople on a large scale and uses role-play methods to help them practice their pitch and how to deal with customer inquiries.
According to Depura, the platform helps sales reps measure their improvement in sales metrics and provides feedback on the calls they've made. The platform uses machine learning machines to offer sellers personalized remedial action and reinforcements, he said.
MindTickle customers today include more than 200 companies, including more than 40 of the Fortune 500 and Forbes Global 2000 companies. However, the company cannot disclose multiple names based on confidential agreements. Some of the names it shared were MongoDB, Nutanix, Qualtrics, Procore, Square, Janssen, Cloudera, Dexcom, Merck & Co., and Benetton Group.
More importantly, its customers have publicly praised the startup's platform. As of this writing, MindTickle is the top product for businesses and the fifth best product for sale on G2, a popular marketplace for software and services.
On the corporate side, the startup said its revenue grew over 170% over the past year and it is hoped to end the year with recurring annual revenue of more than $ 30 million. Like several other SaaS startups, MindTickle was immune to the virus.
In fact, the customer base and usage has spiked in recent months as companies closed offices and moved work to remote platforms to avoid exposure to the coronavirus, Depura said. "Today our platform is being used in ways we never even imagined," he said, adding that finance and HR teams have also switched to MindTickle at some companies. "We're seeing a big change."
"MindTickle's track record of growth, product quality and marquee customer base underscores its strengths," said Sumer Juneja, partner at SoftBank Investment Advisers, in a statement. "By delivering engaging and personalized training to users, MindTickle is uniquely able to help companies increase revenue generation and expand critical functions within their existing workforce." The Japanese investment group, which started talks with MindTickle about three months ago, is currently looking into further investments in SaaS categories.
With the new fund, MindTickle, which employs around 400 people in the USA, Europe and India, can further establish this new category, said Depura. The startup is also developing new product features and will use the new funds to continue growing in Europe and the US, which are already one of its key markets.