Apollo.io Secures $100 Million, Entering Unicorn Status with a $1.6 Billion Valuation

In a noteworthy leap in the sales technology space, Apollo.io recently raised $100 million in a Series D funding round. The company's valuation surged to $1.6 billion, nearly double its previous valuation, establishing Apollo.io as one of the first sales tech unicorns of 2023.

Transaction Highlights:

  • Deal Value: Series D round of $100 million.
  • Valuation: A significant uptick to a $1.6 billion valuation, nearly doubling its previous.
  • Investors: Led by Bain Capital Ventures, alongside Sequoia Capital, Tribe Capital, and Nexus Venture Partners.
  • Target: Apollo.io, an all-in-one sales tech platform boasting a B2B database of over 270 million verified contacts.

Apollo.io Snapshot:

  • Cash on Hand: With the fresh capital, Apollo's cash reserves rise to over $250 million.
  • Employee Growth: Plans to expand the team from 450 to 1,000 across various departments by 2025, including engineering, marketing, design, product legal and people operations.
  • Product Roadmap: 20 new go-to-market workflows launched in the past year with plans to accelerate the rate of development.

Apollo.io's Unique Proposition:

Apollo.io's platform aims to simplify the cluttered tech stack commonly found in sales operations. According to Salesforce’s 2022 State of Sales Report, sales reps spend just 28% of their time actually selling, the remainder consumed by tasks like deal management and data entry. Apollo.io seeks to change that by offering a comprehensive prospecting flow, meeting management tools, and “deal intelligence” insights.

The Future is Bright, Yet Competitive:

The sales platforms software market is expected to grow from $71.5 billion in 2022 to $193.1 billion in 2032. While Apollo.io faces competition from FlashIntel and ZoomInfo, the company distinguishes itself with its integrated, built-from-the-ground-up platform, unlike competitors who often resort to acquisitions for feature additions.

Founder's Take:

Apollo.io CEO Tim Zheng criticized the patchwork approach of competitors like ZoomInfo. "While they claim unification through acquisitions, Apollo.io offers a truly integrated, homegrown solution for the entire sales funnel," Zheng asserted.

The company has witnessed a 900% growth in revenue since 2021 and currently serves three million users across 500,000 customers, including well-known names like Qualtrics, Customer.io, and Census.

Strategic Implications:

Apollo.io's fundraising aligns with a broader market need for efficient, integrated sales tools. The new capital influx will enable the company to further streamline sales operations for its customers, improving efficiencies and driving faster go-to-market strategies.

Looking to understand your company’s valuation before your own fundraise or exit? At Clear Value we help founders of tech companies use comparable reports with structured market data to make better decisions around valuation well ahead of any investment or liquidity event. Find out how we can help here.

Back to blog