Outreach Secures $50M In Funding, Hires New CFO

June 18, 2020
Written by Michael Rodriguez
Published in Financial News

Sales engagement platform and unicorn startup Outreach has raised $50 million in funding led by Sands Capital Ventures, with additional funding from Salesforce Ventures. The round brings Outreach’s overall valuation up to $1.33 billion and total funding up to $239 million.

The company plans to use the funding to enhance its technologies and expand its product base, such as its recently announced AI assistant Outreach KAIA. Outreach also plans to invest in new global markets and expand its EMEA presence.

“The pandemic has changed sales forever and brought to the forefront the importance of having a sales engagement platform,” said Manny Medina, CEO and co-founder of Outreach, in a statement. “Products like Outreach that provide high visibility and versatility are now required for all sellers in order to be successful. As the Sales Engagement category leader, customers expect Outreach to drive transformative changes in sales. With this round of funding, we’re excited to accelerate our investments to meet the increasing demand we are seeing in the market while continuing to innovate.”

Outreach also announced the appointment of Melissa Fisher as its new Chief Financial Officer. Fisher will help Outreach scale its financial planning, sales analysis and engagement and accelerate the company’s overall growth. She joins Outreach following a tenure at Qualys, a $4 billion-plus publicly traded provider of cloud-based IT, security and compliance SaaS solutions, where she helped the company expand its EBITDA margins to 44% and increase stock prices by more than 400%.

“Melissa is the right leader to help guide Outreach through its next phase of our growth,” said Medina. “She has extensive experience scaling a publicly-traded B2B SaaS company — especially in an accelerated growth atmosphere. Melissa’s combined experience in not only financial planning but investor relations and efficient revenue growth will be crucial for us as we look to the future.”