MindTickle raises $100 million in growth round led by SoftBank’s Vision Fund 2

MindTickle raises $100 million in growth round led by SoftBank’s Vision Fund 2
Photo Credit: Reuters
17 Nov, 2020

San Francisco, California based sales enablement software provider MindTickle has raised $100 million in a combination of equity and debt financing in its Series D round of funding. 

The round was led by Softbank Vision Fund 2. Existing investors Norwest Venture Partners, Canaan Partners, NewView Capital, and Qualcomm Ventures participated in the round, said a statement.

Mindtickle, founded in 2012, said that it would utilise the money to prepare customer facing employees to drive revenue growth, as well accelerate the company’s go-to-market activities and expansion of global operations.

"Our mission is to help companies transform the capabilities and behaviors of their teams to generate a meaningful, measurable impact on their revenue and brand," said Krishna Depura, co-founder and CEO of MindTickle.

The founders, Mohit Garg, Krishna Depura, Deepak Diwakar and Nishant Mungali initially began with gamification startup in 2006 called ‘TeraMeraIdea’ and eventually pivoted the company to the sales enablement offerings.

The platform works by measuring various capabilities and behaviours of teams by correlating the same to outcome metrics to identify gaps. The information is then processed through AI/ML engines to provide personalised offerings to end customers.

The platform also utilises gamification techniques and a mobile-first approach to lure customers and increase adoption.

Depura added that the startup has been seeing strong demand and usage growth from enterprise sales teams over the last few quarters.  

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“Interestingly, we are also seeing a strong flow of interest from other enterprise teams and are choosing to adopt this new technology for their respective functions," Depura added.

"MindTickle's track record of growth, quality of product and marquee customer base highlights their strengths,” said Sumer Juneja, partner at SoftBank Investment Advisers.

The company’s previous funding was in July 2019, when Norwest Venture Partners led a Series C round for $40 million with participation from NewView Capital and Canaan Partners.

Its first funding round was back in November 2015, when New Enterprise Associates (NEA) and Accel Partners led a $12.5 million series A round.