O’Melveny Represents MindTickle in US$40 Million Series C Funding Round
August 1, 2019
FOR IMMEDIATE RELEASE
SILICON VALLEY—August 1, 2019—O’Melveny represented MindTickle, a San Francisco-based leader in sales readiness technology, in a successful US$40 million Series C funding round that was announced on Monday.
MindTickle provides a comprehensive, data-driven solution for sales readiness and enablement. MindTickle allows revenue leaders and sellers to continually assess, diagnose and develop the knowledge, skills, and behaviors required to effectively engage customers and deliver an exceptional customer experience to drive growth and build brand value.
The Silicon Valley-based O’Melveny deal team was led by partner David Makarechian, Chair of the firm’s Emerging Technologies Group, and associate Chris Wheeler.
The Series C was led by Norwest Venture Partners and included existing investors Accel Partners, Canaan Partners, NewView Capital and Qualcomm Ventures LLC. The Series C brings MindTickle’s total amount raised to more than US$81 million.
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Contact:
Christopher Rieck
O’Melveny & Myers LLP
+1 212 326 2218
crieck@omm.com
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MindTickle issued the following press release:
MindTickle Raises $40 Million in Series C Funding to Accelerate Customer-facing Capabilities of Global Organizations
Norwest Venture Partners invests in leader transforming sales enablement and readiness
SAN FRANCISCO, July 29, 2019 /PRNewswire/ -- MindTickle, the leader in Sales Readiness technology, today announced that it has secured $40 million in Series C funding. New investor Norwest Venture Partners led the round with participation from all existing investors including Accel Partners, Canaan, NewView Capital, a spinout of New Enterprise Associates, and Qualcomm Ventures LLC. In addition, Scott Beechuk, partner at Norwest Venture Partners and former Senior Vice President of Product Management at Salesforce Service Cloud will join MindTickle's Board of Directors. This round brings MindTickle's total raised to more than $81 million.
"Sales and service organizations are facing a perfect storm on many fronts and company representatives that are not equipped to handle complex buyer needs and competitive challenges are being left behind. MindTickle is empowering companies to grow revenue and build their brand value by transforming customer-facing teams preparing them to be on message and on task every time they engage with a prospect or customer," said Krishna Depura, co-founder and CEO of MindTickle. "Our Series C funding will fuel our strategic, long term growth plans while supporting on-going investment in our expanding products and services. We're thrilled to have Scott join our board and welcome his insight and expertise as we embark on this new stage of rapid expansion."
MindTickle has experienced rapid growth by many business measures, including expanding its Fortune 500 and Global 2000 customer base by 200 percent and increasing annual recurring revenue by more than 100 percent year over year. The funding news comes just recently after MindTickle announced that they've hired Jeff Santelices as Chief Revenue Officer, adding an experienced and proven leader with a track record of building customer-focused sales organizations. In addition, MindTickle has expanded that sales leadership team with the two additional hires of Ahmed Hedayat and Dan Coady. Ahmed has joined as Regional Vice President of Enterprise Sales, West and APAC, while Dan has joined as Regional Vice President of Enterprise Sales, East. 2019 has also been a year of validation and achievement for MindTickle having recently been recognized as one of the 50 Highest Rated Private Cloud Computing Companies To Work For, named a 'Best Sales Enablement Solution' winner in the Stevie® Awards For Sales & Customer Service, and positioned as a Leader in the Aragon Research Tech Spectrum™ for Sales Coaching and Learning.
"At Snowflake, the sales experience has become as significant a differentiator as the product," said Steve Hallowell, Vice President of Sales Productivity at Snowflake. "When companies under-invest in training their sales teams, a few exceptional sales reps drive a disproportionate share of bookings. Worse, account executives are not prepared to answer tough questions or lead customers through often-complex buying decisions. We use MindTickle to scale a high-quality, high-impact training experience for our sales organization, our partners, and our customers. They have been a great partner and collaborator enabling our teams to be more effective in the field."
"MindTickle is successfully confronting one of the most complex issues facing today's organizations—the ability to train and upskill customer-facing employees," said Scott Beechuk, partner at Norwest Venture Partners. "MindTickle has proven product-market fit for its mobile-first, readiness platform that engages employees and delivers perpetual micro-learning experiences. As organizations continue to look beyond traditional learning management systems for new technologies to make their teams more effective in the field, we see a tremendous opportunity ahead for MindTickle to lead this movement."
For additional information:
- Read CEO Krishna Depura's blog post
- See MindTickle's customer stories
- Learn about current job openings at MindTickle
- Connect with MindTickle on LinkedIn
About MindTickle
MindTickle provides a comprehensive, data-driven solution for sales readiness and enablement that fuels revenue growth and brand affinity. Its purpose-built applications, proven methodologies, and best practices are designed to drive effective sales onboarding and ongoing readiness. With MindTickle, company leaders and sellers can continually assess, diagnose and develop the knowledge, skills, and behaviors required to effectively engage customers and drive growth. Companies across a wide range of industries use MindTickle's innovative capabilities for on-demand, online training, bite-sized mobile updates, gamification-based learning, coaching and role-play to ensure world-class sales performance. MindTickle is a global, privately held company headquartered in San Francisco.