Apollo.io, a San Francisco-based lead generation startup, has secured $32 million in Series B funding to continue expanding its B2B prospecting platform.
The funding round was led by Tribe Capital with participation from NewView Capital and existing investor Nexus Venture Partners, bringing the total funding raised by the startup to $41.3 million. Sri Pangulur, a Partner at Tribe Capital who has now joined Apollo.io’s Board of Directors, said about the firm’s participation:
“Apollo is challenging the status quo in B2B lead intelligence and sales engagement by making contact data and prospecting tools in this space more accessible. Seeing the company’s incredible growth over the past year, enhanced product offerings and new client acquisitions, we are confident in Apollo’s ability to disrupt the sales tech market for B2B companies, offering a more intelligent, more cost-effective and simpler solution.”
Apollo.io was founded with the mission to change how the B2B selling process takes place via a community-based approach that allows the crowdsourcing of data. The platform developed by the startup is now being used by more than 168,000 organizations around the world, having grown its user base and revenue by more than 200% over the past 12 months. Tim Zheng, Apollo.io Co-Founder and CEO, referred to the startup’s mission by stating:
“Apollo’s vision is to give its customers the most powerful and intelligent GTM platform in the industry, so they can reach their full market potential. We want to make access to B2B data even easier, while enhancing the data with sales intelligence and automated workflows.”
The capital will allow Apollo.io to expand its product and engineering teams while boosting its marketing efforts. The startup believes this approach will allow it to maintain its profitability while offering increased value to its users, which already surpass the 1 million mark.
According to TrustRadius, the COVID19 pandemic forced B2B marketers to adapt to virtual tactics which about 41% of B2B leaders consider to be an opportunity more than a detriment. However, 95% of B2B buyers said that if they were contacted via a non-personalized marketing message, they were unlikely to respond to it. By providing B2B representatives with the necessary data to connect with their leads, facilitating the process for all parties involved.
