LeadIQ Raises $30M to Enhance Sales Team Efficiency

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The account-based prospecting SaaS platform LeadIQ announced that it has raised a $30 million Series B round led by global venture capital firm Cathay Innovation with participation from Eight Roads Ventures, Alumni Ventures, LAUNCH Fund, Draper Associates, Fresco Capital and Strong Ventures. 

This investment brings the total capital raised to $42 million. The new financing will be used to accelerate its product roadmap in account prioritisation, buying team and contact personalisation, and sales team collaboration, along with hiring key management roles as the company continues its growth and expansion.

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LeadIQ’s customers have been able to significantly reduce time spent on manual and repetitive sales busywork. Digital adoption platform WalkMe, has saved its BDR team thousands of hours per quarter and increased discovery calls by 19 per cent in the months following deployment. Similarly, revenue operations platform Clari is saving around 600 hours a quarter and has seen its ideal customer profile (ICP) alignment improve from 50 per cent to 85 per cent.

Kavish Kothari, Principal, Eight Roads Ventures said, “Since our original investment early last year, we’ve been very impressed by the company’s pace of execution and growth amidst the pandemic. LeadIQ is addressing a pertinent pain point in the sales journey by increasing effectiveness of the sales teams through a product-led approach. We’re thrilled to be doubling down on our conviction as we continue to support Mei and her team to strengthen their position in a rapidly growing market.”

“With 65 per cent of teams missing revenue targets, outbound sales efficiency is a major challenge for enterprises globally,” said founder and CEO Mei Siauw. “Today, account-based prospecting is still highly manual and time consuming thanks to fragmented data across multiple systems, repetitive busy work, low quality research and varying privacy laws. We built LeadIQ to help sales teams everywhere make authentic prospect connections with a more thoughtful approach. The numbers speak volumes, where we tripled growth in our enterprise and mid-market segments year-over-year. With this latest financing, we look forward to working with current and new investors like Cathay Innovation, who have the global reach and local market expertise across the US, Europe and Asia to help us scale further during this next phase of growth.”