Momentum raises $13 million Series A to further its mission of transforming customer data into actionable insights for revenue teams
SAN FRANCISCO, July 23, 2024 /PRNewswire/ -- Momentum, the customer intelligence platform that enables enterprise listening and automation, today announced that it has raised $13 million in Series A funding led by FirstMark Capital with participation from Stage 2 Capital, bringing Momentum's total funding to $18 million. Existing Momentum investors, including Basis Set Ventures and Leadout Capital, also participated in the round. Amish Jani, FirstMark Founder and Partner, joins the board alongside Mandy Cole, General Partner at Stage 2.
Today's investment follows a year of stellar growth for the company. In 2023, Momentum increased annual recurring revenue (ARR) by more than 400%, adding companies like Ramp, 1Password, Alation, and Demandbase to its already impressive customer base, including Zscaler and Postman.
"In a world where companies are adding AI to their product so they can check a box, Momentum has built transformative AI capabilities that have shown up in tremendous customer love. We heard from their customers, many in our portfolio, who are thrilled by the process automation and actionable insights Momentum enables," said Amish Jani, Founder and Managing Partner at FirstMark Capital. "We're excited to be an investor, and I'm personally looking forward to joining the board and working alongside Santi, Ashley, and Moiz to realize their vision."
Mandy Cole, General Partner at Stage 2 Capital and former LivingSocial and Zenefits sales leader, added, "I wish Momentum existed when I was a sales leader. I just think about how much more my teams could have sold with the time savings and the better decisions I would have made with more insight into our deal pipeline and customer sentiment. I couldn't be happier to partner with such a talented team to bring the power of a customer intelligence platform to more companies."
Now, more than ever, revenue leaders are being asked to streamline their operations and find ways to grow revenue efficiently. Gone are the days focused on the number of deals and raw revenue. Today, they're tasked with increasing revenue per rep and decreasing churn.
Momentum enables companies to automatically capture customer intelligence via call recordings, emails, and Slack and then turn that data into actionable insights to predict and prevent customer churn, alert revenue leaders of forecast risk, streamline processes, and automate routine tasks. Ultimately, Momentum's AI-powered platform uncovers blind spots and optimizes operations so customer-facing teams can move faster and wiser.
"We chose Momentum because of their investment in harnessing the power of LLMs to make manual, repetitive Salesforce data entry a thing of the past," said Andrea Scott, Director of GTM Systems at Weights & Biases. "Also, because their overall product strategy is rooted in using AI to empower end users and give them back their most precious resource: time. Time to build relationships, time to identify opportunities, time to sell."
Momentum accomplishes all of this without being yet another tool for revenue teams to learn. It fully integrates into the tech stack they're already using today by extracting raw data from applications like Gong, Clari, Zoom, Google Meet, and more, processing it using AI, storing that structured data in Salesforce, and presenting it in Slack at the right time. That makes it seamless for Revenue Operations to implement and roll out.
"Momentum is uncovering insights for revenue leaders that they only dreamt of before. We're helping CROs make better, smarter decisions," said Santiago Suarez Ordoñez, Co-founder and CEO at Momentum. "The traction and incredible retention we're seeing can only come from driving real impact for our customers, and what makes me most excited is that we've just uncovered the tip of what's possible."
Momentum has released several new features in recent months, including Custom Summaries, a first-to-market feature. Sales and customer success teams can now refine their call summaries and notes with their own prompts, ensuring every detail aligns with what matters most to their business. Since the beginning of the year, the team at Momentum has launched Contact Automation, Automatic Churn Detection, and native integrations with Salesoft and Chorus by ZoomInfo. With this latest round of funding, Momentum plans to accelerate product development to further innovate for enterprise revenue teams and drive additional business expansion.
About Momentum
Momentum turns your sales calls and emails into a powerful source of customer intelligence, driving revenue, accelerating sales cycles, and establishing GTM observability across your whole team. Seamlessly integrating with your existing tools, Momentum leverages AI and automation to extract and synthesize data at scale without adding a new platform for your reps to log into. Founded in 2020, revenue teams at leading companies like Zscaler, Ramp, and 1Password use Momentum daily to capture forecast and churn risk, autofill Salesforce fields, share product signals, and deliver instant insights at the right time and place. Learn more at www.momentum.io
About FirstMark Capital
FirstMark is an early-stage venture capital firm based in New York City. Our mission is to partner with entrepreneurs who are focused on solving meaningful problems. We have built an engaged community among the teams in our network to spread ideas and opportunities. We are privileged to work alongside the founders of businesses like Pinterest, Shopify, Airbnb, Discord, Riot Games, and DraftKings. Visit us in New York City or online at www.firstmark.com and @FirstMarkCap on Twitter.
About Stage 2 Capital
The first go-to-market venture capital firm, Stage 2 Capital combines capital and GTM execution expertise, leveraging its elite LP base of 450+ senior executives from unicorns and Fortune 500 firms to help portfolio companies scale revenue and accelerate growth. Co-founded in 2018 by Jay Po, former investor at Bessemer Venture Partners, and Mark Roberge, former Founding CRO at HubSpot, Stage 2 Capital invests in B2B software companies between seed and Series A. For more information, visit: www.stage2.capital
Media Contact:
Clayton Pritchard
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SOURCE Momentum.io
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