Sales software startup Allbound Inc. raised $43 million from private equity firm Invictus Growth Partners to enhance its platform and investment in sales and marketing, according to a news release.
Allbound is one of the fastest-growing private companies in metro Atlanta, according to Atlanta Business Chronicle research. It had 196% growth in revenue and 60% growth in staff between 2019 and 2021, putting it at No. 81 in the Pacesetter Awards.
The company has now raised at least $56.5 million to date following the recent raise. Its previous investors include former managing partner of Canal Partners Jim Armstrong and former OnSolve CEO Wain Kellum.
The raise comes as investors have started to pullback from the tech industry because of shifting market conditions. As a result, Atlanta startups have had to lay off employees, and the amount of venture capital flowing into companies is decreasing.
Allbound’s partner relationship management software allows sales teams collaborate with other companies to increase their business. Allbound integrates into other customer relationship management software, such as Salesforce, so salespeople can manager their partners in one channel.
The startup has handled over $100 billion in sales through its platform, according to the release. Its largest customers include Box Inc., Gainsight and General Electric Co.
The market size for its industry is projected to grow to $5.7 billion by 2026 due to growing amounts of global partnerships and hybrid work environments, according to market research company Forrester.
During the pandemic, the company’s business grew because of higher reliance on digitization and a collaborative sales model becoming more popular, CEO Graff-Radford told Atlanta Inno in August 2021.
Allbound moved from its previous headquarters in Scottsdale, Arizona to Atlanta because of the talent pool. It is now located at 3411 Coworking in Chamblee. Graff-Radford told Atlanta Inno he hoped to hire former employees of other successful marketing technology companies. As of last year, the company had 60 employees and was expecting to grow 30% more by 2022.
"What’s great about Atlanta is you’ll find truly global professionals that understand what it’s like to work across different time zones, and they understand marketing technology because we have such a deep bench of companies to draw from here,” Graff-Radford said last year.
The company also has offices in London, Arizona and India.
