We have raised $8 million in the latest Series A funding round, led by Balderton Capital with participation from Target Global, to scale Demodesk - the platform that has revolutionized screen-sharing and has enabled everyone to have a great customer conversation.
Demodesk has become the world’s first intelligent online meeting platform for remote sales and customer success teams. One that helps revenue teams close more deals, faster.
As an increasing number of sales teams switch exclusively to remote working – particularly businesses that rely on field sales – it has accelerated the need for an efficient, intuitive, and advanced alternative to basic video conferencing. In 2020 to date, we have seen our customer base double, in response to this need. Today more than 150 customers across Europe and the US – featuring Treatwell, Personio, and Forto – use Demodesk to close deals and have better customer conversations.
This includes a US-based customer who, before lockdown, had exclusively sold solar panels door-to-door and now closes sales deals via Demodesk. This also includes a furniture store in Germany that uses Demodesk to give customers live, virtual tours of its showroom.
Demodesk’s online meeting tool assists sales reps in real-time, automates scheduling and CRM logging, and provides next-level analytics. While traditional tools simply record a video of the presenter's local desktop screen, Demodesk offers a 100% web-based virtual display – entirely independent from the presenter’s local desktop. This disruptive technology makes sales demos truly multi-player rather than one-way presentations.
What’s more, Demodesk is entirely browser-based meaning it works with any device, without lag, and requires no downloads or regular software updates to operate. This has the added benefit of being highly secure and fully encrypted; confidential data can be shared without risk or threat.
Anyone in the meeting can interact with the website or software being shared on the virtual display as if the page was on their own screen. For sales teams, Demodesk automatically loads the right slides and websites ahead of the meeting and provides real-time conversational guidance along with preloaded playbooks – all designed to help sales reps be as efficient and effective as possible. For customer success teams, Demodesk enables reps to instantly share mouse and keyboard control to collaboratively work with customers.
This latest round of funding – led by Balderton with participation from Target Global and existing investors – takes our total amount raised up to $10.3 million since 2017. This funding will be used to further develop our market-leading technology, scale operations, and hire the very best in new talent.
Demodesk has resonated with sales teams globally – across many sectors and industries – because it strips back sales meetings to their core; letting reps get to the heart of what they love doing. - CEO and co-founder Veronika Riederle
By removing the barriers of unnecessary downloads, lags, compatibility issues, and restricted screen sharing, we help teams increase productivity and conversion rates. Demodesk automates sales coaching and training and reduces time spent on manual preparation, scheduling, and documentation workflows.
James Wise, Partner at Balderton said: “Veronika and her team have solved one of the biggest pain points of online sales meetings, giving the customer the chance to interact and collaborate with the product, while at the same time giving salespeople tools to help them run better meetings. Just as new technologies are helping marketers move from ‘mad-men’ to ‘moneyball’, we hope Demodesk can become part of a wave of new tools, from Salesforce’s Einstein to Gong, that give salespeople the tools and data to do their job more efficiently and effectively. Demodesk is helping salespeople be more about the science than the art of the deal.”
Ricardo Schäfer, Partner at Target Global added: “From the beginning, we have been impressed with Demodesk's big and ambitious vision to become the leading communication platform for remote sales teams which changes the way reps and clients interact, while current solutions lack features that integrate seamlessly within a sales process. We are excited to be backing Veronika, Alex, and the team to build on the fantastic momentum they have had over the past few months and take the company to the next level.”
Demodesk was founded in late 2017 by Alex Popp and Veronika Riederle. They developed a revolutionary screen sharing technology that uses virtual displays instead of recording the presenter’s local desktop screen. Building upon their unique proprietary technology, they provide an intelligent, cloud-based online meeting solution for customer-facing teams. The company has offices in Munich and San Francisco and employs 20 people today. Demodesk was a member of the Y Combinator Winter 2019 cohort and previous investors include GFC, FundersClub, Kleiner Perkins, and angel investors.
About Balderton Capital
Balderton Capital is a London-based venture firm focused exclusively on backing the best European-founded technology companies.
In the two decades since our founding, we have worked with hundreds of extraordinary European founders, and have raised eight funds totaling more than $3bn. Balderton’s most recent funds were the early-stage Balderton VII, raised in November 2019, and Liquidity I, Europe’s first venture fund dedicated to secondary investments in European-founded, growth-stage technology startups, raised in October 2018. Previous exited investments include Betfair (FTSE: BET), Digital Surgery (Medtronic), Frontier Car Group (OLX Group), Magic Pony (Twitter), NaturalMotion (Zynga), Recorded Future (Insight Partners), Sunrise (Microsoft), Talend (NASDAQ: TLND) and Yoox Net-a-Porter (BIT: YNAP). Among Balderton’s current portfolio of over 90 companies are Aircall, Citymapper, Contentful, Darktrace, Depop, GoCardless, The Hut Group, Kobalt Music, Nutmeg, Peakon, Prodigy Finance, Revolut, SOPHiA Genetics, Tessian, Vestiaire Collective, Vivino, and Zego.
About Target Global
Target Global is an international investment firm headquartered in Berlin, with more than €1bn in assets under management.
With offices in London, Tel Aviv, and Barcelona, we connect the key European startup ecosystems and leverage the unique DNA of each of our target geographies, across our global network. Building on our experienced team with substantial operational and investment experience, we help exceptional entrepreneurs to build market leaders. Target Global invests across multiple stages, investing in fast-growing tech companies, targeting trillion € markets. Our Partners have been investing for more than 15 years in the digital technology space, backing some of the key European success stories. The Target Global portfolio includes companies such as Auto1, Delivery Hero, Omio (formerly GoEuro), TravelPerk, and WeFox.