Apollo.io, which is developing sales intelligence and engagement software for business-to-business companies. It brought in $32 million in Series B funding to continue with its go-to-market acceleration approach.
The latest funding gives the San Francisco-based company $40 million in total funding since it was founded in 2015. Stated by the co-founder and CEO Tim Zheng.
Zheng previously founded a company in the education space. It did something similar that helped customers send more targeted marketing emails. When friends saw how well it worked, they wanted a tool like that for their respective industries, he said.
BELIEFS AND GOALS
Sales reps that were on average 10 to 12 meetings can look to book three times that amount using Apollo. To date, the company has over 1 million user signups and 9,000 paying customers. It has grown its user base by more than 200%. Also, tripled revenue in the past 12 months and maintained profitability for more than 18 months.
He says the subscription-based service has amassed over 2 million business contacts to help customers more accurately. Identify prospective customers using advanced algorithms and more than 200 unique business attributes. The tool displays this information automatically when someone visits LinkedIn profiles. It will also alert you with new contact information if someone changes jobs or is promoted.
Zheng believes there is still a big part of the market that is untapped. Also, new fundings will enable the company to accelerate marketing, engineering and product development. The company also intends to double its employees to 300 in the next 12 months.
As part of the investment, Sri Pangulur, partner at Tribe Capital, joined Apollo.io’s board. Pangulur was tracking the company over the last year and the firm decided to lead the round after seeing its adoption and using the product itself.