Sales platform ToutApp has secured $15 million in Series B funding. Andreessen Horowitz led the round with participation from previous backers Sigma West, Founder Collective, 500 Startups and the Launch Fund. In addition to the funding, Scott Weiss of Andreessen Horowitz has been appointed to ToutApp’s board of directors.
SAN FRANCISCO, CA (March 3, 2015) – ToutApp, the sales platform that helps salespeople close more deals through advanced sales tracking, templates and analytics, today announced it has raised $15 million in Series B funding led by Andreessen Horowitz. Existing investors Sigma West, Founder Collective, 500 Startups and the Launch Fund also participated in the round.
ToutApp will use this investment to scale operations and infrastructure to meet growing demand for its platform while continuing to expand its category-leading capabilities and features. Founded in 2011, ToutApp has now raised more than $20 million.
“Research shows 65% of a salesperson’s time is wasted on busywork because of ineffective sales software,” said Tawheed (TK) Kader, Founder and CEO of ToutApp.* “Our mission is to empower the modern, more consultative sales culture by providing salespeople and sales managers with the best possible platform to close deals.”
Today, most sales teams use 15 different tools to help run the sales process.** With so many fragmented point solutions, 71 percent of sales professionals say they spend too much time on data entry,*** impacting their ability to sell and drive revenue.
ToutApp offers a single streamlined sales software platform with tracking, templates and predictive analytics directly integrated into Gmail, Outlook and CRMs, such as Salesforce and Microsoft Dynamics, to help sales teams close more deals. With ToutApp’s 150% dollar renewal rate, and over 300% top line revenue growth, customers have shown their vote of confidence in the ToutApp solution.
“ToutApp delivers what salespeople and sales managers need today — a smarter, faster way to close deals and accelerate revenue cycles,” said Scott Weiss, general partner at Andreessen Horowitz. “This is the next generation of software for salespeople to efficiently and effectively communicate with prospects and customers. We’re impressed by their strategic approach to the market and are eager to help them continue to scale.”
In the past year alone, as a result of continued market demand, ToutApp has more than doubled its enterprise customer base. Enterprise companies currently using ToutApp include: Atlassian, Dropbox, Optimizely, Jive, Namely and more.
“ToutApp is in high demand because it fills an important need in today’s sales industry,” said Greg Gretsch, Managing Director of Sigma West, who also participated in the round. “It represents the evolution of CRM tools that only manage and track leads. ToutApp has been leading the way for the future of sales software, finally giving teams a true communications platform for the modern sales organization.”
“This investment, led by Andreessen Horowitz, is a testament to how ToutApp is leading the charge in the future of sales software,” added Kader. “Sales has changed but sales software hasn’t. There is now an important new industry being created that builds great sales software for the modern salesperson instead of just the sales manager.”
With the investment, ToutApp has also announced the appointment of Scott Weiss at Andreessen Horowitz to its board of directors. He joins existing members that include Tawheed (TK) Kader, ToutApp Founder and CEO, and Greg Gretsch of Sigma West. ToutApp’s angel investors include Esther Dyson, Eric Ries and Scott Banister.
ToutApp builds software that helps salespeople close deals faster with the power of email tracking, templates and analytics. Founded in 2011, ToutApp has more than 90,000 salespeople using its platform, with enterprise customers including Atlassian, Dropbox, Optimizely, Jive, Namely and more. www.toutapp.com.
About Andreessen Horowitz
Andreessen Horowitz backs bold entrepreneurs who move fast, think big, and are committed to building the next major franchises in technology. Founded by Marc Andreessen and Ben Horowitz, we provide entrepreneurs with access to our deep expertise and insights in innovation, business development, market intelligence, executive and technical talent, and marketing and brand-building. Find us in Menlo Park, CA, and at www.a16z.com.
About Sigma West
Sigma West is an early stage technology venture capital firm in San Francisco investing in entrepreneurs with passion and drive. We are a group of successful technology industry veterans working to support start-up teams. We currently invest across the software technology landscape including cloud/SaaS, consumer, enterprise, security and storage. Successful exits include Responsys (Oracle, 2014), KACE (Dell, 2010), Fortify Software (HP, 2010) and EqualLogic (Dell, 2008). Please visit sigmawest.com and follow us on Twitter @sigmawest.