By Alex Konrad at Forbes
The next time Gainsight raises money from investors, it will likely be as the first billion-dollar startup in customer success.
That looming distinction was set up on Tuesday when the company announced triple-digit growth, key new hires and a new $52 million investment that puts the company in knocking distance of unicorn status the next time it dips into investor pockets. CEO Nick Mehta announced the news at the company’s annual customer event in Oakland, California, called Pulse.
Gainsight’s new funding brings total investment in its customer success software above $150 million, led by return investor Lightspeed Venture Partners and joined by all its other previous backers and new strategic investor Cisco. While the company declined to share its valuation as of the new Series E funding, with Mehta simply calling it “a nice up round,” the company has roughly doubled its price tag with each raise in the past, most recently reaching a post-money valuation for $348 million in November 2015, according to data from PitchBook. At a similar uptick or slightly lower pace of growth, Gainsight would already be valued at more than $600 million.
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