Funding round
Gong Series C
Gong, which works in AI-Powered revenue operations platform development in San Francisco, raised $65M in a Series C round announced on 1 Dec 2019, led by Sequoia Capital, at a $750M post-money valuation. 6 firms took part. It is Gong's third venture round on record; the one before was a Series B in Feb 2019.
$65M
Amount raised
$750M
Post-money valuation
$685M pre-money
6
Investors
1 lead
8.7%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Gong at $750M after the new money. The $65M bought investors about 8.7% of the company. It came 10 months after Gong's Series B. It is 11% of the $575M Gong has raised in the venture rounds on record. Gong raised again 8 months later: a Series D round of $200M in Aug 2020, at $2.20B 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 7 Feb 2019, led by Battery Ventures $40M
- Series C this round 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
Sequoia Capital led the round with 5 other firms.
Lead investor
- Sequoia Capital backs 589 venture-backed companies new investor
Also in the round
- backs 80 venture-backed companies new investor
- Norwest backs 215 venture-backed companies new investor
- NextWorld Capital new investor
- Battery Ventures backs 215 venture-backed companies new investor
- backs 96 venture-backed companies new investor
Joined the board: Carl Eschenbach (Sequoia 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, working capital and geographic expansion.
- Hiring
- Product development
- Sales and marketing
- Scaling operations
- Working capital
- Geographic expansion
Comparable rounds
How it compares
276 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $37M, and this round was 1.7 times the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 5 Dec 2019 | $50M | not disclosed | Idinvest Partners |
| Tech Companies | 18 Dec 2019 | $50M | $280M | Scale Venture Partners |
| Tech Companies | 13 Dec 2019 | $40M | not disclosed | Goldman Sachs |
| Arcadia Tech Companies | 10 Dec 2019 | $30M | not disclosed | G2 Venture Partners |
| Tech Companies | 19 Dec 2019 | $30M | not disclosed | Horizons Ventures |
| Tech Companies | 9 Dec 2019 | $21M | not disclosed | Knuru |
| Tech Companies | 12 Dec 2019 | $20M | not disclosed | Sageview Capital |
| Tech Companies | 20 Dec 2019 | $17M | not disclosed | McRock Capital |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Gong raise in its Series C round?
Gong raised $65M in its Series C round, announced in Dec 2019.
Who led Gong's Series C round?
Sequoia Capital led it, with Cisco Investments, Norwest, NextWorld Capital, Battery Ventures and Wing Venture Capital.
What was Gong's valuation at the Series C round?
$750M post-money ($685M pre-money).
How does it compare with other Series C rounds in Tech Companies?
276 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $37M, and this round was 1.7 times the median.
Did Gong raise again after this round?
Yes: a Series D round in Aug 2020 of $200M at $2.20B post-money.