Y Combinator-Backed Apollo.io Secures $100 Million In Series D Funding, Valuing Startup At $1.6 Billion

Apollo.io, a leading full-stack sales technology platform, announced today a major Series D funding round, amassing $100 million and catapulting the firm’s valuation to $1.6 billion.

Originating from Founder Tim Zheng's frustrations with inefficient sales tools during his stint at BrainGenie, Apollo.io has evolved into an independent powerhouse. Today, it boasts a business-to-business (B2B) buyer database of over 270 million verified contacts and provides an all-encompassing sales intelligence and execution platform.

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Bain Capital Ventures spearheaded the funding, with participation from notable venture firms such as Sequoia Capital, Tribe Capital and Nexus Venture Partners. The raise has positioned Apollo.io as one of the premier sales tech unicorns created in 2023.

This significant capital influx, boosting Apollo's coffers to over $250 million, will be channeled into product research and development. It also paves the way for Apollo's ambitious expansion plans to augment its workforce from 450 to 1,000 by 2025. Jobs will include roles in engineering, marketing, design, legal and more.

In a conversation with TechCrunch, Zheng highlighted Apollo's distinct approach to product-led growth. The strategy, characterized by in-house development and 60% investment into product development, has resulted in a swift uptick in both users and revenue. Apollo’s meteoric rise has caught the attention of startup news outlets across the world with it’s numerous accomplishments.

Pointing to Salesforce Inc.‘s 2022 State of Sales Report, Zheng underscored a pertinent issue modern sales teams face — excessive tools and limited selling time. Apollo.io endeavors to alleviate this pain point by consolidating the tech stack, minimizing tool transitions and enhancing the sales prospecting process with artificial intelligence (AI)-driven insights.

Not one to shy away from addressing the competition, Zheng contrasted the startup with contenders like ZoomInfo Technologies Inc. He emphasized Apollo's genuine unification versus the acquisition-driven strategy employed by some rivals.

The evidence of Apollo's meteoric rise is tangible. Since 2021, its revenue surged by 900%, catering to 3 million users across 500,000 customers. Renowned names in the tech industry, including Qualtrics, Customer.io and Census, form part of Apollo's clientele.

In light of these strides, venture capital industry heavyweights have poured accolades on Apollo. Merritt Hummer, a partner at Bain Capital Ventures, lauded Apollo's potential to redefine the future of go-to-market sales. Sonya Huang from Sequoia Capital sees Apollo at the cusp of reinventing sales software.

The Series D announcement also served as an opportunity for Apollo.io to unveil its new senior appointments, including Leandra Fishman, Dzmitry Markovich and Shek Viswanathan, further solidifying its industry dominance.

In the ever-evolving sales tech landscape, Apollo.io’s commitment to simplifying the go-to-market process and its proven record of consistent growth places it at the forefront.

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