Funding round
Gong Series A
Gong, which works in AI-Powered revenue operations platform development in San Francisco, raised $20M in a Series A round announced on 12 Jul 2017, led by Norwest and Shlomo Kramer. 4 firms took part, 2 of them already investors. It is Gong's first venture round on record.
$20M
Amount raised
Not disclosed
Post-money valuation
4
Investors
2 leads
Valuation
What this round says about the price
Gong did not disclose a valuation in this round. It is Gong's first venture round on record, 2 years after it was founded in 2015. It is 3.5% of the $575M Gong has raised in the venture rounds on record. Gong raised again 19 months later: a Series B round of $40M in Feb 2019. Its next priced round, a Series C in Dec 2019, valued it at $750M.
Gong's funding rounds
Gong has 5 venture rounds on record. This one is highlighted.
- Series A this round 12 Jul 2017, led by Norwest and Shlomo Kramer $20M
- Series B 7 Feb 2019, led by Battery Ventures $40M
- Series C 1 Dec 2019, led by Sequoia Capital $65M$750M post-money
- Series D 12 Aug 2020, led by Coatue $200M$2.20B post-money
- Series E 3 Jun 2021, led by Franklin Templeton $250M$7.25B post-money
Investors
Who put money in
Norwest and Shlomo Kramer led the round with 2 other firms. Norwest and Shlomo Kramer had backed Gong before.
Lead investors
- Norwest backs 215 venture-backed companies existing investor
- Shlomo Kramer existing investor
Also in the round
- backs 96 venture-backed companies new investor
- NextWorld Capital new investor
Joined the board: Peter Wagner (Wing Venture Capital) and Ben Fu (NextWorld Capital).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
657 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $7.1M, and this round was 2.8 times the median. The closest in time, other companies' Series A rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 27 Jul 2017 | $35M | not disclosed | Accel and PTB Ventures |
| Tech Companies | 17 Jul 2017 | $15M | not disclosed | Legend Capital |
| Tech Companies | 11 Jul 2017 | $15M | not disclosed | Mercato |
| Tech Companies | 1 Jul 2017 | $15M | not disclosed | not named |
| Tech Companies | 21 Jul 2017 | $12M | not disclosed | Andreessen Horowitz |
| Tech Companies | 12 Jul 2017 | $11M | not disclosed | New Enterprise Associates |
| Tech Companies | 11 Jul 2017 | $11M | not disclosed | Benchmark Capital |
| Tech Companies | 19 Jul 2017 | $10M | not disclosed | new private investors from Norway |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Gong raise in its Series A round?
Gong raised $20M in its Series A round, announced in Jul 2017.
Who led Gong's Series A round?
Norwest and Shlomo Kramer led it, with Wing Venture Capital and NextWorld Capital.
What was Gong's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Tech Companies?
657 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $7.1M, and this round was 2.8 times the median.
Did Gong raise again after this round?
Yes: a Series B round in Feb 2019 of $40M.