Databook Secures $5 Million Seed Funding from Threshold Vent
PALO ALTO, Calif., Feb. 12, 2020 /PRNewswire/ -- Databook, the AI-powered, enterprise customer intelligence platform, today announced the company has secured a $5 million seed round led by Threshold Ventures. Josh Stein, Managing Partner at Threshold, will join Databook's Board. The funding will be used to scale Databook's product and go-to-market teams to tackle the customer intelligence market, projected by MarketWatch at $5 billion by 2022.
The Databook Customer Intelligence Platform combines predictive intent data, real-time insights, and time-saving productivity tools to improve selling performance across the enterprise. Every sales rep that uses Databook, regardless of experience or skill set, can deliver the right pitch, for the right audience, at the right time--building true, sustainable customer value from the first conversation.
Sales productivity is a common bottom-line challenge for enterprise companies. According to Salesforce, 57 percent of sales reps still expect to miss quota* this year. The Brevit Group states that 55% of the people making their living in sales don't have the skills to be successful*, and that it takes 10 months for a new sales rep to become fully productive*. The sales productivity market is bulging with point solutions that target pains but not problems; software that aggregates data or simplifies a workflow, for example. What enterprise reps need is a systematic way to sell better.
Databook identifies which accounts to prioritize, and which buying groups have pain and urgency, and then automatically builds a hyper-personalized point of view to engage the customer. Databook is the first enterprise customer intelligence platform built to increase go-to-market productivity at scale.
"Most enterprise CROs will tell you that 80% of their sales come from their top reps. But advances in technology can now bridge the fundamental skills gap between reps that hit quota and reps that don't," said Anand Shah, CEO and Co-founder, Databook. "Databook changes the enterprise selling game by making every rep as good as the best rep."
The company works with the world's leading enterprise sales companies and results from current customers show that Databook increases pipeline and average deal sizes by 3x.
"Databook uses AI and domain expertise to deliver deep customer intelligence to every seller. The result is bottom-line, enterprise productivity at scale," said Shah. "This substantial seed investment from a distinguished firm such as Threshold signals an important milestone for the company—and validates the product model that's been quietly gaining significant traction in just two years."
"Salespeople should be expert guides on a customer's journey, framing outcomes in terms personalized to the customer's needs," said Josh Stein, Managing Partner, Threshold. "Databook makes that possible by feeding salespeople optimal customer insights and providing tools to make superior business cases. We're excited to partner with Databook in the new category of enterprise customer intelligence."
Benefits to using Databook include:
- Increases sales productivity at scale. Better yield per rep means higher conversions; more reps hit their quota every quarter, which exponentially increases revenue.
- Improves organizational velocity at scale. More productive reps mean better customer engagement, which typically results in more pipeline and wins per quarter; all of this equals better performance at lower cost across the organization.
- More efficient growth at scale. Better productivity means top-line and bottom-line growth.
Databook is the first AI-powered enterprise customer intelligence platform. Dubbed "Moneyball for Sales," Databook was founded in 2017 to give enterprise sales reps a differentiating advantage. Leading sales organizations rely on Databook to increase pipeline and revenue without increasing costs. Databook advisors include Paul Daugherty (Chief Technology & Innovation Officer, Accenture), Chirag Shah (Chairman and CEO, Simfoni), Dylan Smith (CFO, Box), Tom Addis (CRO, Kinetica), Gokul Rajaram (DoorDash), Frank Perkins (Salesforce), Kamakshi Sivaramakrishnan (VP Product, LinkedIn), Peeyush Ranjan (Google). Other participating funds in this round include Haystack (Semil Shah) and Firebolt (Cherian Mathew).