MindTickle raises $27 Million in Series B funding
The sales enablement company MindTickle has raised $27 million (about Rs 174 crore) in Series-B funding led by Silicon Valley-based venture capital firm Canaan Partner. It also saw the participation of existing investors Accel Partners, New Enterprise Associates (NEA) and Qualcomm Ventures.
Joydeep Bhattacharyya from Cannon Partners said in media, “Sales readiness is the single most important metric that every public company CEO is paying attention to and the best predictor of future performance. MindTickle is the leader in this new massive area of applications for sales teams, with tremendous customer adoption.”
Joydeep Bhattacharyya would be joining the Board of Directors as per the terms of the deal.
After the recent round of funding, MindTickle is reported to have raised a total of $41.3 million to date. And in the last two years, the team of the company has scaled from around 40 people to nearly 150 people. This number is slated to nearly double in the coming year with hiring across all functions in both India and the US. MindTickle is working on expanding its platform capabilities to bring in more automation and machine learning-based feedback and this funding have added more momentum in its journey towards product innovation and expansion.
With the mission of creating web products at the intersection of fun and learning, the company was founded in 2012 in Pune by Krishna Depura, Nishant Mungali, Mohit Garg and Deepak Diwakar. And in 2013 it already had a string of 20 clients, including Yahoo! India InMobi, Bajaj Finserv, Flipkart, and SAP. The company has been growing and expanding ever since.
MindTickle has several times been identified for its sales readiness platform. For instance, it was ranked #1 in Gamification Summit 2013 and 2012 for "Best use of Engagement Techniques in Human Resources". It was also named Cool Vendor by Gartner Inc. in 2014. This report by Gartner highlighted interesting new and innovative vendors, products, and services.
Let’s take a look at some of the prominent news-making events in terms of funding and leadership that have occurred in the journey of MindTickle till now:
This is not the first time that MindTickle raised capital and added a member to its board.Back in 2015, it had raised $12.5 Million in a Series-A funding led by New Enterprise Associates. And NEA general partner Ravi Viswanathan joined the board subsequently. At that time, the focus of the company was in improving the performance of its direct and channel sales teams, among other initiatives
Prior to the big investment it received in 2015 and 2017, it had also raised $1.8 million in seed funding from Accel in October 2014. The startup is also known to have been funded by senior executives from WhatsApp and Google.
In June 2017, MindTickle announced the creation of an advisory board to support its fast-growing operations globally. The five inaugural members of the advisory board included Jyoti Bansal, founder of AppDynamics; Jim Drill, investor, entrepreneur and ex-president of MOVE Guides; Vineet Jain, co-founder, and CEO of Egnyte; Lars Nilsson, VP of Inside Sales at Cloudera and Raj De Datta, co-founder and CEO of BloomReach.
In July, it announced the appointment of Cameron Essalat as Vice President-Sales. Cameron Essalat had discovered MindTickle as a sales leader at AppDynamics.
In addition to this, MindTickle also opened its second Bay Area office in San Francisco's South of Market (SoMA) district to support its growing customer base of fast-scaling technology companies.
In October, it appointed Jules Ehrlich as the President and go-to-market leader for the business.
In the same month, it reported strong Q3 2017 revenue results, with more than 100 percent quarter-over-quarter growth.
The MindTickle team realized an opportunity in the social media enterprise and tried to make the best use of it. They developed a gamification platform to create "delightful learning and engagement experiences", delivered as SaaS. The founders who are alumni of IITs, ISB and Stanford brought in their knowledge and expertise to together take the firm to great heights.
Now MindTickle replaces the old learning management systems (LMS) and provides an interesting alternative. It is known for its data-driven sales readiness platform that offers a modern, mobile and engaging experience for onboarding, micro-learning, skills development and coaching.