Outreach Raises $114M, Hits Unicorn Status
The Seattle software startup is now valued at $1.1 billion
April 16, 2019By Rob Smith
Outreach Corp., a Seattle company that offers cloud-based software to help clients communicate with sales prospects, has raised $114 million in a Series E funding round.
CEO Manny Medina announced the news in a blog post in which he noted that the 5-year-old company is officially a unicorn a term that refers to a company that exceeds a market valuation of $1 billion as determined by venture-capital investment.
The company, which employs more than 300, is now valued at $1.1 billion.
Today is a momentous day not only for our founders, partners, investors, employees, and family, but for our customers the more than 3,300 businesses that trust us to help fuel their growth, Medina wrote.
The company, which last year more than doubled its 2017 revenue of $16.6 million, will use the new round of funding to ramp up machine learning tools that power its sales platform, to grow its international footprint and to pump up its recently announced product integration with Microsofts Dynamic 665 for Sales product. Medina is a former Microsoft employee.
Lone Pine Capital led the Series E round along with Meritech Capital Partners and Lemonade Capital. Existing investors DFJ Growth, Four Rivers Group, Mayfield, M12, Sapphire Ventures, Spark Capital and Trinity Ventures also joined. Outreach has now raised a total of $239 million.
According to Pitchbook, another Seattle-area unicorn is Convoy Logistics, a Seattle-based company that digitally connects trucking companies with freight shippers. Convoy reached a $1.1 billion valuation last September.
Medina was honored by Seattle Business magazine earlier this year with an Executive Excellence Award for his management of the company.