Sales software maker Highspot Inc. today said that it has raised a $248 million funding round after growing revenues nearly tenfold over the last three years. 

B Capital Group and D1 Capital Partners, both new investors in Highspot, led the round. The Seattle-based startup said that ICONIQ Growth, Madrona Venture Group, Salesforce Ventures, Sapphire and Tiger Global Management contributed as well. Highspot is now valued at $3.5 billion. 

Highspot provides a cloud-based sales enablement platform of the same name that promises to help sales teams acquire more customers for their companies. The platform is used by Aetna Inc., industrial equipment giant Siemens AG, IBM Corp.’s Red Hat unit and other big names.

Enterprise sales teams use promotional content such as product brochures when pitching potential customers. Highspot’s platform enables companies to organize all the content used by their salespeople in a centralized library for each access. A built-in search bar enables users to easily find the specific file they need, while an artificial intelligence feature generates personalized content recommendations. 

Highspot helps enterprises organize not only sales content such as brochures but also their sales teams’ internal training materials. A company can use Highspot’s platform to create a library of training materials, such as guides explaining what features of a software product should be highlighted in a sales pitch to maximize the chance of closing the deal. 

Team leaders have access to analytics features that they can use to determine which pieces of content are most effective. Using the insights surfaced by Highspot, a company can improve its sales materials over time to increase customer engagement. 

The nearly tenfold revenue increase Highspot has logged over the past few years was driven not only by demand from new customers, but also increased spending by existing users. Highspot said today that annual recurring revenue net retention, a measure of existing customers’ spending, surpassed 130% in the past year.

“Transforming the way millions of people work is more than a phrase, it’s our goal every day,” said Highspot Chief Executive Officer Robert Wahbe. “Our focus has driven spectacular growth and the best part is, we’re just getting started.”

Highspot will use its latest funding round to hire 500 additional workers, expand internationally and develop more features. The startup also plans to grow its marketing operation.

The startup’s current $3.5 billion valuation is about $1.2 billion higher than after its previous funding round, a $200 million Series E investment announced last February. That investment was led by Tiger Global Management, which also participated in Highspot’s latest $248 million raise.

Image: Highspot