Groove Raises $45M Series B Funding Round Led by Viking Global Investors

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Groove Raises $45M Series B Funding Round Led by Viking Global Investors
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Sales engagement platform has grown enterprise ARR 114% year over year 

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Groove Raises $45 Million Series B Round

SAN FRANCISCO - October 14, 2021 - Groove, the leading sales engagement platform for enterprises using Salesforce, today announced that it has raised a $45 million Series B round of funding, led by Viking Global Investors. Existing investors Capital One Ventures, Level Equity, Quest Venture Partners, and Uncork Capital also participated in the round. Groove plans to use the funding to expand its international operations and accelerate its momentum in the enterprise segment of the market, having grown enterprise ARR 114% in the past twelve months with new customers that include Activision, iHeartMedia, LexisNexis, New Relic, TIBCO, Veeva, and Wintrust.

The global shift to digital selling as a result of the pandemic is driving convergence in two of the fastest-growing sales technology categories: sales engagement and revenue operations. As enterprises look to manage large and distributed revenue teams, they are seeking platforms that integrate the productivity benefits of workflow automation with the insights gleaned through revenue operations software.

Digital selling has also exposed a key weakness in most companies’ Salesforce deployments - lack of adoption. In fact, an August 2021 Forrester Consulting “State of CRM” study, commissioned by Salesforce, found that 57% of respondents struggled to maintain good customer experiences because their CRM systems were not well-integrated or accessible. Groove solves this accessibility problem by meeting sellers where they already work, increasing rep productivity while ensuring over 90% Salesforce adoption.

“This notion of the sales engagement platform as a cockpit for sellers is likely to continue to drive further integrations between other sales tech categories and these platforms as the advantages of bringing everything to the seller where they sell (the original vision for CRM technology) become more widely recognized,” said Anthony McPartlin, Principal Analyst for Forrester Research in a recent blog post.

Industry-Leading Seller Adoption Rates

Groove is the only sales engagement platform that integrates seamlessly into existing seller workflows, driving up usage and Salesforce adoption as a result. Groove’s industry-leading seller adoption rates enable enterprises to leverage complete and comprehensive data to run a more accurate, predictive, and effective GTM process.

“Our enterprise customers want to enable the modern seller while ensuring the highest levels of enterprise security and compliance,” said Chris Rothstein, co-founder, and CEO of Groove. “We’re capturing a significant amount of enterprise market share from our competition because our platform was built for the needs of large, complex organizations that rely on Salesforce as their system of record. We bring automation to the seller instead of requiring that they work out of a separate system. This flexibility ensures extremely high user adoption rates, even with technology averse sellers in non-tech industries.”

Over the last year, Groove has expanded its revenue intelligence capabilities with auto-contact capture, real-time opportunity and pipeline management and enhanced ROI reporting. Through this expanded capability set, Groove enables revenue leaders to make real-time, data-driven business decisions based on sales engagement outcomes across a wide variety of roles, teams, and divisions.

“Our sales operations have been transformed because of Groove,” said Matthew Mullin, Senior Director of Global Marketing Operations and Technology at Tenable. “Our sellers are armed with productivity tools and workflow automation that makes them more effective at their jobs, and we can now rely on accurate, real-time data in Salesforce to make informed decisions.”

Groove won the TrustRadius “Best Of” Awards in 2021 for best usability, feature set, and best customer service in the sales engagement category, and has been the highest-rated sales engagement platform on G2 for three years in a row.


About Groove

Groove is the leading sales engagement platform for enterprises using Salesforce. Built for the needs of relationship-based sellers, Groove increases rep productivity, drives Salesforce adoption, and provides revenue leaders with key insights to know what’s driving their business. Because Groove is Salesforce native, it has the most advanced activity capture in the industry, ensuring that revenue teams can rely on accurate reporting and forecasting, lowered compliance risk, and streamlined administration. Whether it’s automating CRM data entry or empowering reps to generate pipeline and close more deals, Groove gives reps 20% of their week back to focus on high-value activities.

Over 70,000 people use Groove at some of the world’s largest and fastest-growing companies, including Google, BBVA, Atlassian, Uber, and Capital One. Groove has ranked #1 in customer satisfaction on G2 in five sales technology categories and has made the Inc. 5000 list of the fastest-growing privately held companies in the U.S. for three years in a row. To learn more, visit https://groove.co.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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