INSUBCONTINENT EXCLUSIVE:
Sales teams have long turned to tech solutions to help improve how they source leads, develop relationships and close deals
Now, one of the startups that helps out at a key point in that trajectory is announcing a round of growth funding to help fuel its own rapid
Showpad, a sales enablement platform that lets salespeople source and organise relevant content and other collateral that they use in their
deals, has raised a Series D of $70 million.The funding, which brings the total raised by Showpad to $160 million, is coming in the form of
The equity part is co-led by Dawn Capital and Insight Partners, with existing investors Hummingbird Ventures, and Korelya Capital also
Silicon Valley Bank is providing debt financing
This is one of the first big investments out of Dawn’s Opportunities Fund that we wrote about last week.The company is not disclosing its
valuation but Pieterjan Bouten, the CEO who co-founded the company with Louis Jonckheere (currently CPO) and Peter Minne (CTO), confirmed
that it has doubled since last year, and is seven times the valuation it had when it raised a $50 million Series C in 2016
The company is growing 90% year-on-year at the moment in terms of revenues.And as a point of reference, another sales enablement player,
Seismic, last December raised a Series E of $100 million at a $1 billion valuation.Founded in Ghent, Belgium, Showpad today operates across
two main headquarters, its original European base and Chicago
The latter was the homebase of LearnCore, a company that Showpad acquired last year that focuses on sales coaching and training
This became a strategic acquisition to expand Showpad’s primary product, a platform that acts as a kind of content management system for
(Today, while Chicago is where Showpad builds its go-to market efforts and professional services, Ghent focuses on engineering and product,
he said.) As it happens, Chicago is also the headquarters of Seismic.As Bouten described in an interview, Showpad is part of what he
considers to be the fourth pillar of the technology marketing stack: storage (the cloud services where you keep all your data), CRM,
marketing automation and sales enablement, where Showpad sits.While the first three are key to helping to manage a salesperson’s
activities and work, the fourth is a crucial one for helping to make sure a salesperson can do his or her job more effectively.Traditionally
a lot of the content that salespeople used — presentations, white papers, other materials — to help make their cases and close their
deals would be managed offline and directly by individual salespeople
Showpad has taken some of that process and made it digital, which means that now teams of salespeople can more effectively share materials
amongst each other; and interestingly the material and its link to successful sales becomes part of how Showpad “learns” what works and
what doesn’t.That, in turn, helps build Showpad’s own artificial intelligence algorithms, to help suggest the best materials for a
particular sales effort either to someone else in that team, or to other salespeople using the platform.“To date there has been enormous
innovation in automating the marketing and sales workflow
However, in the end, sales comes down to one person selling to another,” said Norman Fiore, General Partner at Dawn Capital and member of
the Showpad Board, in a statement
“Historically, this has been an offline process that has been wildly inconsistent and opaque
Showpad’s suite of products succeeds in bringing this process online for the first time with data-rich feedback loops on the effectiveness
of teams, managers, salespeople and even individual pieces of sales content.”This is a crowded area of the market with a number of
standalone companies building sales enablement solutions, but also other companies within the sales stack also adding on enablement as a
value-added service.For now, though, Bouten notes that these are more strategic partners than competitors
For example, Salesforce and Microsoft are partners, and, he adds, “We integrate with Salesloft to make sure sure emails that are sent out
are using the right content
We become the single source of truth but also are being used for outreach.”Today, the company has around 1,200 enterprise customers,
including Johnson - Johnson, GE Healthcare, Bridgestone, Honeywell, and Merck
The plan going forward will be to continue building out the services that it offers around its sales enablement software, alongside the core
product itself.“You can equip sales people with the best content, but if they are not trained and coached in the right way, it goes
