Today, B2B startup Amplemarket - an all-in-one revenue platform that uses AI to help sales teams more efficiently find and connect with their next customers - announced that they've closed $12M in back-to-back seed and Series A funding to scale their platform and accelerate their go-to-market strategy.
The Series A was co-led by Comcast Ventures and Portugal-based Armilar Venture Partners. Flexport and Caixa Capital also participated, along with a group of strategic angel investors, including Adil Syed (CFO, Rippling), Ben Braverman (Flexport), Paulo Marques (Founder & CTO, Feedzai), Jude Gomila (CEO, Golden), Jason Rosengarden (VP of Sales, G2), Kyle Parrish (VP Sales, Figma).
Amplemarket was launched in 2019 by MIT-alumnus João Batalha (CEO), his brother Luis Batalha (CPO), and Micael Oliveira (CRO) - all of whom are either engineers or computer scientists. "As Engineers, we had to learn sales the hard way, and we believe this constitutes one of our unfair advantages. We are bringing a novel perspective into this space, and we started by applying the scientific method to sales," stated co-founder Micael Oliveira. "We looked at the entire stack of SaaS products used by sales teams and the common processes for managing a sales pipeline. We worked to reduce unnecessary friction by consolidating point solutions, AI, and great design. The goal is to free salespeople from all the busy work, so they can do what they do best: sell."
Amplemarket serves as the growth engine for many of the leading SaaS companies globally, including some of the most high-performing B2B sales organizations like Rippling, Deel, Vanta, and G2. An example of the powerful impact the platform can have is Deel, a payroll-tech startup with $600M+ in venture backing, which managed to 20x their revenue within a year of implementing Amplemarket across their sales organization.
Across the spectrum of modern sales teams, sales tools continue to grow in both number and complexity without necessarily making users' lives easier. The fragmented nature of today's sales stack introduces a tremendous amount of operational complexity, making onboarding and enablement of sales teams a growing challenge - especially in a remote-first environment. "When we first started doing sales, we found dozens of disjointed point solutions which were hard to operate. In the last few years, sales reps have gravitated towards more personalized, multi-channel, and data-driven sales motions - yet sales tools have lagged. So we decided to build our own platform." says co-founder Luis Batalha.
For João Batalha, co-founder, and CEO, the vision was clear from the onset: "The best performing sales teams will have a single system for prospecting and engaging with new customers across multiple channels. Companies can no longer afford to waste time on the immense implementation and maintenance complexity that point solutions present. Sales teams have to bounce between many SaaS products - most of which don't integrate with one another - and therefore generate data fragmented across different systems, making it harder to turn a prospect into a paying customer. Our platform leverages the advantages of an all-in-one compound solution to streamline the most tedious tasks that consume sales teams' time - increasing the volume and quality of leads they interact with while reducing the time it takes to convert them."
"The best Product Led Growth companies are all trying to figure out how to leverage their wealth of product usage data in their growth motions," João Batalha elaborated. "Yet for the vast majority of companies, all that data sits idle in their data warehouse - far from the platforms that marketing & sales teams spend their days on. Amplemarket can change that by seamlessly integrating product usage data into our existing account & prospect data models, and making that data available for informing growth motions originating in our platform."
"Amplemarket's unique platform addresses some of the most expensive and burdensome inefficiencies sales teams face today," said Sheena Jindal, Partner, Comcast Ventures. "Their ability to unleash the latent potential of sales teams and transform the sales enablement market is incredibly promising, and we are thrilled to support the team and their vision."
Pedro Ribeiro Santos of Armilar Venture Partners added, "B2B sales suffer an enormous and constant pressure to perform - we see it everyday in many of the companies in our portfolio. Over time, this has stretched sales teams to adopt several tools that help them in reaching as many customers as possible. Amplemarket’s fully integrated approach not only addresses the inefficiencies that result from that; this team’s scientific - and pragmatic - approach to targeting enables sales reps to stand out from the noise and results in meaningful increases in sales effectiveness, as several of the company’s customers are experiencing, making Amplemarket a great fit to Armilar’s TechTransfer Fund”.
Angel investor Adil Syed, Rippling’s CFO, shared with us his motivation to join the round: "When I discovered Amplemarket, I was blown away by the capabilities of this one-of-a-kind platform. What they are building makes manual prospect lists and cold calls completely outdated. The team is ahead of the game in thinking about smart omni-channel sales and marketing flows. Amplemarket is building for the future state of sales and marketing, and after seeing this powerful product firsthand, I couldn't miss an opportunity to help them in this journey.”
The company presently employs more than 30 people worldwide. The new capital from this round will be allocated to expand Amplemarket's global and remote-first team with an emphasis on engineers – helping to build the company's roadmap and customer-facing teams to respond to the acceleration of customer acquisition.
Amplemarket was launched in 2019 to bring cutting-edge AI and process automation software to B2B growth teams. They've since grown to support some of the fastest-growing B2B technology companies in the world with an all-in-one product suite that includes automation tools to manage and optimize engagement, productivity & enablement, sales intelligence, pipeline & analytics, and people management. For more information, visit: https://www.amplemarket.com
About Comcast Ventures
Comcast Ventures is the venture capital arm of Comcast Corporation, with a 20+ year history of partnering with entrepreneurs to accelerate growth for their businesses. We support founders in creating significant businesses by providing capital as well as by leveraging the unique resources of Comcast's operating businesses. Comcast Ventures invests in early to growth stage companies across a select set of themes. For more details, visit https://comcastventures.com
About Armilar Venture Partners
Armilar Venture Partners is Portugal's leading VC funds manager. An independent VC with a history of more than 20 years, a high-performance track record and an international footprint, Armilar is a deep-tech investor, with a focus on early-stage technology-based companies where data, digitisation and connectivity play a central role. For more information, please visit https://www.armilar.com
The Armilar Venture Partners TechTransfer Fund is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing. The fund is also co-financed by Fundo de Capital e Quase Capital (FC&QC), managed by Banco Português de Fomento, S.A.