Bain Capital Invests in Sales Tech Startup Apollo.io at $1.6bn Valuation

Apollo.io, a business-to-business (B2B) sales and intelligence and engagement platform, announced a $100m Series D funding round at a valuation of $1.6bn, making it one of the year’s first sales-tech unicorns.

This round was led by new investor Bain Capital Ventures, the venture capital arm of the namesake private equity firm, as well as existing investors Sequoia Capital, Tribe Capital, and Nexus Venture Partners. The latest funding brings the company’s total funding to close to $250m.

This investment nearly doubled Apollo.io’s valuation since its last raise, said Tim Zheng, co-founder and CEO. The fresh round comes a year after Apollo.io raised $110m in its Series C round led by Sequoia Capital in March 2022. Tribe Capital, Nexus, and NewView Capital also joined the Series C round. Apollo.io said it will deploy the fresh proceeds to expand its headcount and to continue building its go-to-market strategy. Founded in 2015, Apollo.io provides sales and marketing teams with easy access to verified contact data for over 270m B2B contacts, along with tools to engage and convert these contacts in one unified platform.

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Over the last two years, the company claims to have increased its revenue ninefold. It claims to serve over 3 million go-to-market professionals at over 500,000 companies ranging from startups to multinational corporations such as Qualtrics, Customer.io, and Census. “In line with our mission to make world-class go-to-market solutions simple and accessible to all, we have experienced unprecedented product-led growth during a time of economic uncertainty,” Zheng said. Apollo.io is one of Nexus Venture’s bets on startups based in the United States with some Indian presence. The domestic venture capital firm’s US investments have served as a hedge against its India portfolio. Hasura, MinIO, and Blueshift Labs are among its other such bets.

Source: Asia Business Outlook

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