We’ve just got some additional funds to go big in some areas, and it’s validation that we’re going in the right direction.
As anyone who follows Utah’s startup scene closely knows, Provo-based InsideSales.com recently raised $100 million at a valuation of nearly $1 billion in a Series C round led by Polaris Partners, with Kleiner Perkins Caufield & Byers also making a major investment. Acadia Woods, Salesforce, EPIC Ventures, Hummer Winblad, U.S. Venture Partners, and Zetta Venture Partners also participated in the deal.
Whenever a company raises that much money from some of the biggest names in the technology industry, the question that inevitably arises is something along the lines of, “So, what are you going to do with all that cash?” We know InsideSales plans to use some of the money to expand its products and move into new markets. Thanks to an article in TechCrunch, we also know the company could be announcing some key acquisitions at some point in the near future. What we wanted to know here at Beehive Startups is what this new round of funding means for InsideSales in terms of hiring, and the company’s future presence in the state of Utah.
In the week the $100 million funding deal was announced, InsideSales received 105 inbound job applications, which is more than double the amount it normally receives.
“It’s done wonderful things. It was amazing. I haven’t seen anything quite like it in my 20-plus year career,” Senior Vice President of Talent Acceleration Todd Riesterer said in an interview with Beehive Startups.
InsideSales has also experienced a dramatic increase in the number of out-of-state applications its received, including submissions from what Riesterer described as “some of the big-name players” in Silicon Valley.
“There’s just such a credibility boost,” said Riesterer. “Pretty much everyone takes the call now.”
The company’s recent funding deal has also generated a lot of buzz and interest from its current employees.
“I think the biggest thing it does for our current employees is just validation. For the people with the deepest pockets to invest in the next big thing out there is special,” Riesterer said.
InsideSales.com CEO Dave Elkington on Bloomberg TV
InsideSales currently employs 40 “closers,” and around 55 coders. In the coming months, the company plans to dramatically increase those numbers.
“We’ve put a stake in the ground to have 100 of each by the end of the year,” Riesterer said.
InsideSales is currently hiring a broad range of talent, from entry-level developers to the most experienced programmers in the industry. The company believes it can compete with anyone to hire the best coders on the market.
“The best developers want to be designing something that’s never been done before. The predictive analytics — taking big cloud data and turning it into something useful — there’s no one else really doing that. We’re kind of very unique in that way, and very attractive to coders,” said Riesterer.
Interestingly enough, Riesterer says the company is having an easier time finding coders than closers.
“There are so many companies moving in here for sales that the competition is at least as strong for that,” said Riesterer.
As InsideSales transitions into a global company, within 12 months it will begin opening offices in Europe, Asia, and cities throughout the United States, including Silicon Valley. However, the company is committed to keeping its headquarters right here in Utah.
“Utah is the hub. That’s our grassroots. That’s our bread and butter. This is where our employee base is from. There’s amazing talent here, and it’s just emerging,” said Riesterer.
Although this latest infusion of cash will allow InsideSales to double-down and expand in certain areas, don’t expect a major change in the company’s overall approach. It plans to stick to the blueprint that’s made it so successful up to this point.
“Our message is stay the course. There’s no change in strategy. There’s no change in vision. We’ve just got some additional funds to go big in some areas, and it’s validation that we’re going in the right direction,” said Riesterer.
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