Funding round
Gong Series D
Gong, which works in AI-Powered revenue operations platform development in San Francisco, raised $200M in a Series D round announced on 12 Aug 2020, led by Coatue, at a $2.20B post-money valuation. 10 firms took part, 10 of them already investors. It is Gong's fourth venture round on record; the one before was a Series C in Dec 2019.
$200M
Amount raised
$2.20B
Post-money valuation
$2.00B pre-money
10
Investors
1 lead
2.9x
Step-up from the Series C
$750M in Dec 2019
9.1%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Gong at $2.20B after the new money, 2.9 times the $750M of its Series C (Dec 2019). The $200M bought investors about 9.1% of the company. It came 8 months after Gong's Series C. It is 35% of the $575M Gong has raised in the venture rounds on record. Gong raised again 10 months later: a Series E round of $250M in Jun 2021, at $7.25B 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 1 Dec 2019, led by Sequoia Capital $65M$750M post-money
- Series D this round 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
Coatue led the round with 9 other firms. Coatue, Index Ventures, Salesforce Ventures and Thrive Capital and 6 more had backed Gong before.
Lead investor
- Coatue backs 229 venture-backed companies existing investor
Also in the round
- Index Ventures backs 353 venture-backed companies existing investor
- Salesforce Ventures backs 314 venture-backed companies existing investor
- Thrive Capital backs 130 venture-backed companies existing investor
- Battery Ventures backs 215 venture-backed companies existing investor
- NextWorld Capital existing investor
- Norwest backs 215 venture-backed companies existing investor
- backs 96 venture-backed companies existing investor
- Sequoia Capital backs 589 venture-backed companies existing investor
- Tiger Global backs 391 venture-backed companies existing investor
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
173 Series D rounds in Tech Companies within a year either side disclosed an amount; the median was $77M, and this round was 2.6 times the median. The closest in time, other companies' Series D rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Dataiku Tech Companies | 1 Aug 2020 | $100M | not disclosed | Stripes |
| Tech Companies | 11 Aug 2020 | $60M | not disclosed | Activate Capital and Glade Brook |
| Tech Companies | 6 Aug 2020 | $33M | not disclosed | H.I.G. Growth Partners |
| Tech Companies | 11 Aug 2020 | $30M | not disclosed | Optum Ventures and Endeavour Vision |
| Tech Companies | 6 Aug 2020 | $15M | not disclosed | Macquarie and Activate Capital |
| Tech Companies | 21 Aug 2020 | $13M | not disclosed | Fundamentum and KB Investment |
| Attentive Tech Companies | 23 Sep 2020 | $230M | $2.20B | Coatue |
| Snyk Tech Companies | 9 Sep 2020 | $200M | $2.60B | Addition |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Gong raise in its Series D round?
Gong raised $200M in its Series D round, announced in Aug 2020.
Who led Gong's Series D round?
Coatue led it, with Index Ventures, Salesforce Ventures, Thrive Capital, Battery Ventures and NextWorld Capital and 4 more.
What was Gong's valuation at the Series D round?
$2.20B post-money ($2.00B pre-money).
How does it compare with other Series D rounds in Tech Companies?
173 Series D rounds in Tech Companies within a year either side disclosed an amount; the median was $77M, and this round was 2.6 times the median.
Did Gong raise again after this round?
Yes: a Series E round in Jun 2021 of $250M at $7.25B post-money.