The sales enablement platform, Showpad, recently raised a Series D $70 million, boosting its total funding to over $160 million.
FREMONT, CA: Sales teams across the world are turning toward modern technological solutions to enhance their process, including sourcing leads, developing relationships, and closing deals. While storage, CRM, and marketing automation are crucial for sales personnel to manage their processes, sales enablement allows them to augment the efficiency of their job.
In this regard, Showpad, a sales enablement platform, recently accrued a round of growth funding to fuel its business. It raised a Series D of $70 million in the form of debt and equity, boosting its total funding to $160 million. The equity was co-led by Dawn Capital and Insight Partners, along with the current investors such as Hummingbird Ventures, and Korelya Capital. This funding is one of the first significant investments from Dawn’s Opportunities Fund.
Showpad’s sales platform is designed to enable sales personnel source and organize relevant content and other collateral used in the sales deals. It serves as a vital brick bolstering sales enablement, the fourth pillar of the technology marketing stack.
Although Showpad did not reveal its valuation, Pieterjan Bouten, the CEO, and Co-Founder of the company, confirmed that it had doubled since the last year, almost seven times the valuation from when it had raised a $50 million Series C in 2016. The company is witnessing a yearly revenue growth of around 90 percent.
Showpad was founded in Ghent, Belgium. It acquired LearnCore, a Chicago based company last year, which now serves as Showpad’s second headquarters. It mostly focuses on sales coaching and training. The strategic acquisition was aimed to broaden the market of its primary product, a content management system for sales collateral. The company develops its professional services at Chicago, whereas Ghent HQ focuses on engineering and product development.
The adoption of Showpad solutions has enabled salespeople to digitalize presentation, white papers, and other processes to aid them in sourcing leads and closing deals. Salespeople can leverage its capabilities to enhance connectivity and collaboration. The company has been at the vanguard of the innovation that is transforming the marketing and sales workflow. The conventional sales process is not only inconsistent and opaque but also leads to additional costs and downtime. However, Showpad’s suite of products has successfully moved the process online, enabling data-rich feedback loops.