Groove Raises $12 Million to Accelerate Growth for the Only Sales Engagement Platform Optimized for AEs
Level Equity, Uncork Capital, Capital One Ventures, and Quest Venture Partners participate in Series A round to expand awareness and adoption of highest-rated sales engagement platform on G2
SAN FRANCISCO – MAY 7, 2020 — Groove, a leading sales engagement platform for account-based revenue teams, today announced that they have secured $12 million in Series A funding, bringing total investment in the company to $16 million. This funding round welcomed new investors Level Equity and Capital One Ventures, who join existing investors Uncork Capital and Quest Venture Partners in supporting Groove’s unique market position as the only sales engagement platform optimized to meet the customization and security requirements of enterprise revenue teams. Groove’s Series A round was led by Level Equity.
“We believe that sales engagement will become a multi-billion dollar market,” said Craig Rosenberg, chief analyst and co-founder of TOPO Research, a division of Gartner Research. “The most important factor in this prediction is that account executives (sales reps that close business versus just prospect) are starting to adopt sales engagement platforms, and this need has accelerated post COVID-19. Successful expansion into sales will open the enterprise market and allow the platforms to expand into new industries. Today, the sales engagement market has been concentrated in the tech industry. Other industries don’t have sales development, but they do have thousands of sales reps trying to engage with their customers.”
Groove is unique in that it is the only sales engagement platform that was built specifically for account executives, focusing on ease-of-use, advanced activity capture, and cross-team collaboration. The platform can also be configured to meet the complex requirements of different divisions and organizations within an enterprise and leads the industry with a unique architecture that ensures the highest levels of security and compliance.
This strategic approach has resulted in Groove’s rapid adoption by some of the world’s fast-growing companies and traditional enterprises, including Google, Uber, Atlassian, BBVA, and Veola Water. Groove’s platform has been so well received that it has earned the highest customer satisfaction rating on G2 in the sales engagement category for two years running.
“When evaluating Groove as an investment, we felt that the company was poised to be the clear category winner,” said George McCulloch, partner, Level Equity. “The sales engagement space is thriving right now, and Groove’s focus on supporting sophisticated AE use-cases and complex enterprise environments is setting them apart from the rest of the pack. As enterprises in new industries continue to adopt sales engagement platforms to make their revenue teams more productive, they will quickly see the unique advantages that Groove offers in terms of internal adoption, customization, and security.”
Capital One Comes on Board as Customer and Investor
Recent customer wins include Capital One, which implemented Groove to empower its field sales reps with productivity tools, while providing sales leadership with real-time visibility into their daily sales activities and performance. The success of the implementation drew the attention of additional business lines and the company’s investment division, Capital One Ventures, who participated in the round.
“Groove has grown 103% year over year on average in a largely organic way and has invested deeply in product and engineering up until this point. This funding round enables us to drive greater awareness of our unique market position and competitive differentiation,” said Chris Rothstein, CEO of Groove. “Sales engagement platforms consistently rank as the number one most impactful sales technology investment that a company can make, and we are poised to lead the category’s expansion with a broad range of capabilities beyond the prospecting use case.”
Groove is a leading sales engagement platform that makes account-based revenue teams more efficient and effective Groove is a sales engagement platform that automates non-sales activities so that sales teams can spend more time building relationships and generating revenue. Groove eliminates the need for CRM data entry and provides managers with real-time visibility into activity levels and performance, regardless of location. Groove also has the industry’s only native Salesforce integration, which reduces administrative overhead by as much as 90%.
Over 50,000 account executive, sales development, and customer success representatives use Groove at some of the world’s largest and fastest-growing companies, including Google, Uber, and Capital One. Groove has earned the highest customer satisfaction rating on G2 in the sales engagement category for two years running.
Groove was named one of Inc. Magazine’s Best Workplaces 2020 and is one of the Inc. 5000 fastest-growing privately held companies in the U.S. Groove also ranks #14 on the San Francisco Business Times’ “fastest-growing private companies in the Bay Area in 2019.” Founded in 2014, Groove is headquartered in San Francisco with offices in San Diego and Seattle.