After devoting limitless time and resources to building out the ideal product, a company would typically want to use every avenue available to get that product into the hands of those who need it. One way they may choose to do this is by deploying indirect sales partners to help expand their market reach. Offering a solution to help manage these partnerships, Allbound is growing with a fresh round of capital.
Specializing in partner relationship management (PRM), the Chamblee-based company announced its latest fundraise of $43 million from Invictus Growth Partners. Allbound’s platform works to help companies accelerate sales and marketing in reseller, referral and tech-integrated partnerships. It plans to invest the new capital in sales, marketing and product advancement.
Much like how a CRM platform helps companies manage their customer relations, PRM software works to coordinate the management of sales partners. Allbound provides a company’s indirect sales partners — like resellers or independent salespeople — with resources such as training and marketing assets as well as automated tools to help them best portray a company and its offerings.
“Today, sales and channel partner relationships enable companies to grow revenue faster and more efficiently than marketing alone. Allbound has become a preferred PRM platform as more companies choose to enhance and strengthen partner relationships to accelerate their indirect business models,” Daniel Graff-Radford, Allbound’s CEO, said in a statement. “We are deeply grateful for the support of the Invictus team as they share our vision to help companies achieve increasing success in channel sales, and they bring machine learning expertise and other resources to help accelerate our growth.”
As it looks to further its recent momentum, Allbound has recorded over 300 percent growth in annual recurring revenues since 2019. Its platform has helped customers such as Box, Gainsight and GE sell more than $100 billion. Allbound has also shortened its client’s sales cycles by over 60 percent, according to the company.
“Channel sales often represent an enterprise’s largest revenue driver, and analysts estimate that more than 70 percent of commerce takes place through channel sales with most of that still tracked on spreadsheets,” John DeLoche, co-founder and managing partner of Invictus, said in a statement. “Allbound’s platform is a must-have for enterprises looking to grow, track and gain insights from their channel sales programs.”