Funding round
Gong Series B
Gong, which works in AI-Powered revenue operations platform development in San Francisco, raised $40M in a Series B round announced on 7 Feb 2019, led by Battery Ventures. 6 firms took part. It is Gong's second venture round on record; the one before was a Series A in Jul 2017.
$40M
Amount raised
Not disclosed
Post-money valuation
6
Investors
1 lead
Valuation
What this round says about the price
Gong did not disclose a valuation in this round. It came 19 months after Gong's Series A. It is 7.0% of the $575M Gong has raised in the venture rounds on record. Gong raised again 10 months later: a Series C round of $65M in Dec 2019, at $750M post-money.
Gong's funding rounds
Gong has 5 venture rounds on record. This one is highlighted.
- Series A 12 Jul 2017, led by Norwest and Shlomo Kramer $20M
- Series B this round 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
Battery Ventures led the round with 5 other firms.
Lead investor
- Battery Ventures backs 215 venture-backed companies new investor
Also in the round
- Norwest backs 215 venture-backed companies new investor
- backs 96 venture-backed companies new investor
- NextWorld Capital new investor
- backs 80 venture-backed companies new investor
- Shlomo Kramer
Joined the board: Dharmesh Thakker (Battery Ventures).
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
506 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $20M, and this round was 2.0 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 6 Feb 2019 | $88M | $1.00B | TPG |
| Tech Companies | 21 Feb 2019 | $40M | not disclosed | not named |
| Tech Companies | 1 Feb 2019 | $34M | not disclosed | Index Ventures |
| Tech Companies | 13 Feb 2019 | $27M | not disclosed | Advance Venture Partners and Sway Capital |
| Tech Companies | 27 Feb 2019 | $21M | not disclosed | M12 |
| Tech Companies | 26 Feb 2019 | $20M | not disclosed | Idinvest Partners |
| Tech Companies | 22 Feb 2019 | $20M | not disclosed | not named |
| Tech Companies | 27 Feb 2019 | $20M | not disclosed | Wing Venture Capital |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did Gong raise in its Series B round?
Gong raised $40M in its Series B round, announced in Feb 2019.
Who led Gong's Series B round?
Battery Ventures led it, with Norwest, Wing Venture Capital, NextWorld Capital, Cisco Investments and Shlomo Kramer.
What was Gong's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Tech Companies?
506 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $20M, and this round was 2.0 times the median.
Did Gong raise again after this round?
Yes: a Series C round in Dec 2019 of $65M at $750M post-money.