US-based customer engagement software provider Outreach raised $65m on Monday in a series D round that included Microsoft Ventures, the corporate venturing subsidiary of software provider Microsoft.
Venture capital firm Spark Capital led the round, which also featured Sapphire Ventures, DFJ Growth, Four Rivers Group, Mayfield Fund, MHS Capital and Trinity Ventures. It valued the company at about $500m, CEO Manny Medina told Business Insider.
Outreach has developed a software platform that automates and manages interactions between company sales staff and customers, using machine learning and analytics technology to generate potential insights from the interaction data.
The funding will be used to strengthen the company’s core product, enhancing its machine learning capabilities and adapting it so it can be used by any member of staff speaking to customers.
Megan Quinn, general partner at Spark Capital, has taken a board observer role at Outreach in conjunction with the round, which the company said lifted its overall funding to $125m.
Microsoft Ventures first invested in Outreach as part of its $17.5m series B round in mid-2016, participating together with Trinity Ventures and unnamed existing investors which would have likely included Mayfield, MHS Capital and Floodgate.
Outreach then added $30m in a May 2017 series C round led by DFJ Growth and backed by Microsoft Ventures, Mayfield, MHS Capital, Four Rivers and Trinity Ventures.