Funding round
Gong Series E
Gong, which works in AI-Powered revenue operations platform development in San Francisco, raised $250M in a Series E round announced on 3 Jun 2021, led by Franklin Templeton, at a $7.25B post-money valuation. 6 firms took part, 6 of them already investors. It is Gong's fifth venture round on record; the one before was a Series D in Aug 2020.
$250M
Amount raised
$7.25B
Post-money valuation
$7.00B pre-money
6
Investors
1 lead
3.3x
Step-up from the Series D
$2.20B in Aug 2020
3.4%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Gong at $7.25B after the new money, 3.3 times the $2.20B of its Series D (Aug 2020). The $250M bought investors about 3.4% of the company. It came 10 months after Gong's Series D. It is 43% of the $575M Gong has raised in the venture rounds on record. No later venture round is on record for Gong.
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 12 Aug 2020, led by Coatue $200M$2.20B post-money
- Series E this round 3 Jun 2021, led by Franklin Templeton $250M$7.25B post-money
Investors
Who put money in
Franklin Templeton led the round with 5 other firms. Franklin Templeton, Coatue, Salesforce Ventures and Sequoia Capital and 2 more had backed Gong before.
Lead investor
- Franklin Templeton existing investor
Also in the round
- Coatue backs 229 venture-backed companies existing investor
- Salesforce Ventures backs 314 venture-backed companies existing investor
- Sequoia Capital backs 589 venture-backed companies existing investor
- Thrive Capital backs 130 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, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
119 Series E rounds in Tech Companies within a year either side disclosed an amount; the median was $130M, and this round was 1.9 times the median. The closest in time, other companies' Series E rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 10 Jun 2021 | $220M | $2.10B | SoftBank Vision Fund |
| Wellhub Tech Companies | 29 Jun 2021 | $220M | $2.20B | not named |
| project44 Tech Companies | 1 Jun 2021 | $202M | $1.20B | Goldman Sachs Asset Management and Emergence Capital |
| Tech Companies | 15 Jun 2021 | $200M | $2.00B | Silver Lake |
| Tech Companies | 29 Jun 2021 | $125M | $1.00B | Goldman Sachs Asset Management |
| Tech Companies | 16 Jun 2021 | $100M | $1.00B | Insight Partners |
| Chainalysis Tech Companies | 24 Jun 2021 | $100M | $4.20B | Coatue |
| Tech Companies | 24 Jun 2021 | $100M | not disclosed | LLR Partners |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Gong raise in its Series E round?
Gong raised $250M in its Series E round, announced in Jun 2021.
Who led Gong's Series E round?
Franklin Templeton led it, with Coatue, Salesforce Ventures, Sequoia Capital, Thrive Capital and Tiger Global.
What was Gong's valuation at the Series E round?
$7.25B post-money ($7.00B pre-money).
How does it compare with other Series E rounds in Tech Companies?
119 Series E rounds in Tech Companies within a year either side disclosed an amount; the median was $130M, and this round was 1.9 times the median.