MindTickle Sales Readiness Startup Raises $100M From the Vision Fund 2 of SoftBank

MindTickle Sales Readiness Startup Raises $100M From the Vision Fund 2 of SoftBank

• MindTickle is a SaaS-based platform focused on improving the sales team in businesses.
• To date, MindTickle has raised over $181 million in funding.
• Existing investors Norwest Venture Partners, Canaan, New View Capital, and Qualcomm Ventures also participated in this round. 

San-Francisco-based sales-readiness startup MindTickle has raised $100 million (or about Rs 744 crore) in a combination of equity and debt funding round led by Softbank’s Vision Fund 2.

Existing investors, including Norwest Venture Partners, Canaan Partners, New View Capital, NEA, Accel Partners, and Qualcomm Ventures, also participated in this funding round at a valuation of $500 million.

The majority of the $100 million investment is an equity investment, said Krishna Depura (Co-founder & CEO of MindTickle)

According to the reports, The startup will use the fresh funding to expand its presence globally and further invest in product development.

The announcement comes as Softbank decided to move away from its overflowing cash infusion strategy to focus more on enterprise, health-tech, and software-as-a-service (SaaS) based startups and companies.

In October 2014, MindTickle first raised $1.8 million in its Seed funding round from Accel Partners and Folsom-based Moneta Ventures.

In July 2019, it had raised $40 million in its Series C funding round from Accel, Norwest Venture Partners, Canaan, Qualcomm Ventures, and New View Capital at a valuation of $250 million.

Till date, the startup has raised over $181 million in a total of five funding rounds, mostly participated by Accel Partners and Qualcomm Ventures.

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“We believe we’re at the tipping point where we’ve worked hard, the category is getting recognized and created and we can take it beyond one geography or one vertical. It was good timing because SoftBank was looking to get into SaaS businesses and we were also looking at a partner that can completely back us,” said Krishna Depura (Co-founder & CEO of MindTickle).

“MindTickle’s track record of growth, quality of the product, and marquee customer base highlights their strengths, said Sumer Juneja, Partner at SoftBank Investment Advisers.

The startup claims that it has witnessed 170%-180% growth in revenue in the last year and expects to close this year with annual recurring revenue (ARR) of $30 million to $40 million.

Now, the startup is also focusing on providing in-depth analytics and introducing more personalized recommendations to sales teams using AI and machine learning capabilities.

About MindTickle – MindTickle is a San-Francisco-based Sales Readiness Startup founded in 2012 by Krishna Depura, Nishant Mungali, Mohit Garg, and Deepak Diwakar. MindTickle is a SaaS (software-as-a-service) platform that helps businesses increase their revenue by improving their sales team.

The platform also offers solutions for onboarding, micro-learning, skills development, ongoing learning, role-playing, and coaching to companies that have been using legacy learning management systems (LMS).

Some of its clients are Dabur, Symantec, Phillips, Micro Focus, DexCom, Ola Cabs, Cloudera, and Nutanix, among others. The startup also has its office in Pune.

Source: STARTUPNEWS