San Francisco-and Bengaluru based sales tech platform Zomentum, today (February 16), announced that it raised $13 Mn in Series A funding from Accel, Elevation Capital (previously known as SAIF Partners) and Greenoaks Capital. The round also saw participation from Eight Roads Ventures.
The company said that it will be using the funds for product enhancement and expand into newer geographies, along with growing its sales team in these regions. The recent funding also comes at a time where it had raised $4.1 Mn in seed funding from Accel and SAIF Partners in July 2020.
Zomentum, which offers end-to-end sales solution for managed service providers was cofounded by Shruti Ghatge and Rahil Shah in 2018. Last year, the company launched its first product, which offers one-stop solutions for sales activities for IT providers to manage leads, assess customer requirements, generate proposals and manage invoices.
Cofounder Ghatge told ET that it witnessed upward 30% MoM revenue growth since the last funding round, and the platform is currently driving $100 Mn worth of IT transactions across markets such as the US, UK, parts of Europe, Australia and New Zealand.
The company also claimed that its product has been able to close twice as many deals, along with significantly reducing the time taken to complete sales.
Going forward, the company is looking to leverage data science to churn out six months worth of sales data to develop innovative products and features that will help its existing clients earn more revenue, Ghatge claimed.
The funding announcement also comes at a time where Alok Goel, the former partner at Elevation Capital launched his new startup Drivetrain, a SaaS-based startup that develops business planning and monitoring software for software companies. Incidentally, Goel had led investments in Zomentum when working at Elevation Capital, alongside other startups such as Messho, Sharechat, Toppr, Unacademy among others.
Globally, Zomentum competes with a slew of enterprise tech companies including SalesLoft, Kaseya, Outreach, SquadStack among others.
The global sales enablement platform market is expected to touch $2.6 Bn in the next four years, compared to $1.1 Bn in 2019. The market is growing at a CAGR of 19.8% during the forecast period (2019-2024). The growth is said to be driven by various parameters, including sales automation, improving the efficiency of sales representatives and product collaboration into other departments among others.