US-based customer engagement software provider Outreach received $114m in series E funding on Tuesday from investors including M12, the corporate venturing arm of software producer Microsoft.
Hedge fund manager Lone Pine Capital led the round, which also included Meritech Capital Partners, Lemonade Capital, DFJ Growth, Four Rivers Group, Mayfield, Sapphire Ventures, Spark Capital and Trinity Ventures. It valued Outreach at $1.1bn, up from a $500m valuation in May 2018.
Outreach has built a software platform that enables sales staff to manage and automate their interactions with customers. The tool relies on machine learning and analytics technology to deliver insights.
The capital will support the further development of Outreach’s machine learning capabilities, including a hiring drive that will involve it doubling the headcount of the relevant team. It will also pursue further international expansion efforts and grow its partner ecosystem.
Outreach has now raised $239m in total. M12, then known as Microsoft Ventures, participated in a $65m series D round in May 2018 that was led by Spark Capital and which also included Sapphire, DFJ Growth, Four Rivers, Mayfield, MHS Capital and Trinity Ventures.
M12 had previously taken part in Outreach’s $30m series C round in 2017. DFJ Growth led that round, with participation from Mayfield, MHS Capital, Four Rivers and Trinity Ventures.
The corporate had also contributed to a $17.5m series B round for the company in 2016 alongside Trinity Ventures and existing shareholders that likely included Mayfield, MHS Capital and Floodgate.
