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Introhive, a software-as-a-service (SaaS) customer relationship management (CRM) automation platform, today announced that it raised $100 million in a series C funding round led by equity firm PSG. The funds, which bring the company’s total raised to over $140 million to date, will be put toward strategic acquisitions, the expansion of Introhive’s global footprint, and growth of the company’s engineering, sales, and marketing teams.
Forty-six percent of business-to-business (B2B) sales reps list lead quantity and quality as their top challenge. That’s perhaps why Gartner predicts that by 2025, 60% of B2B sales organizations will transition from experience- and intuition-based selling to data-driven selling, merging their sales process, sales applications, sales data, and sales analytics into a single operational practice. The stakes are high, given that suboptimal and delayed leads can have catastrophic effects. Harvard Business Review found that there’s a 10 times drop in lead qualification when reps wait longer than 5 minutes to respond and a 400% decrease when they respond within 10 minutes versus 5 minutes.
Founded in 2012, Introhive provides an AI-powered SaaS platform designed to help organizations identify customer relationships and data that might increase revenue and employee productivity. The company’s suite of solutions, which includes CRM software, marketing automation, and business intelligence technologies, syncs and enriches information from email (including email signatures) and other business systems and spotlights, scores, and maps “who knows who” across a business network in dashboards and regular digests.
“[Stewart Walchli and I] set out to create a platform that leverages AI and machine learning to automate mundane tasks for busy professionals and to identify valuable and previously unseen insights about their customers and business … [As Introhive has] grown, it has become apparent that this pain and challenge transcends beyond any one business or even industry,” cofounder and CEO Jody Glidden told VentureBeat via email. “The bottom line is that CRM is a big investment and the hard truth is people simply don’t take the time to use customer management relationship platforms properly, which hurts a business’ ability to grow and maintain their competitive edge.”
Salesforce’s 2019 State of Sales Report found that, on average, salespeople only spend 34% of their day selling products. Among the issues is the disconnect between enterprises’ need for a CRM and the fact that these platforms don’t always map to how salespeople work. According to a recent survey, one of the top barriers to CRM adoption is the amount of manual data entry required. Moreover, it’s estimated that sales professionals spend two-thirds of their office hours on administrative tasks like software management.
That’s perhaps why the CRM automation market is anticipated to be worth $96.5 billion by 2028, according to Grand View Research. Beyond Introhive, it encompasses platforms like Gong, Dooly, and Squelch.
“Throughout my career, relationships have been at the core of successful business growth and acceleration. Mapping those relationships has never been easy, and even with the key business systems like CRM and enterprise resource management, the task still isn’t straightforward or simple,” Glidden said. “Today, Introhive is helping leading enterprises in over 90 countries around the world successfully drive better adoption of their technology investments, eliminate mundane busywork for employees, while surfacing key business insights in real time to drive business growth.”
Introhive’s customers include PricewaterhouseCoopers, Colliers International, and Wilson Sonsini Goodrich, as well as brands in industries ranging from technology and financial services to recruitment and professional services. The startup claims to have doubled its revenue during the pandemic, during which Introhive processed more than one trillion transactions, captured over 60 million contacts and relationships across more than 100,000 users (now approaching 250,000), and saved an estimated 9 million employee hours.
“One of our customers, Colliers International’s Canadian CRM team, generated 300% more relationships in Microsoft Dynamics across the firm’s over 500 brokers using Introhive’s relationship intelligence and CRM automation platform. [Colliers also had] 145,000 relationships mapped into Dynamics CRM across brokers [and] 33,200 email activities tracked and synced in CRM for [its] brokers,” a spokesperson told VentureBeat in a Q&A via email. “A primary differentiator is our ability to capture [a range of] new customers.”
The Business Development Bank of Canada, Evergreen Capital, and Mavan Capital Partners also participated in Introhive’s latest funding round. The company employs about 300 people across its 10 global office locations, and it intends to have around 400 by 2022.
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