Startup Gong Seeks New Funds at Above $7 Billion Value

(Bloomberg) -- Gong.io Ltd., a startup that develops software used by sales teams, is in talks to raise financing that could value it at more than $7 billion, according to people familiar with the matter.

The new round of funding will be led by Franklin Templeton, said the people, who asked not to be identified as the information is private. If successful, it would more than triple the startup’s valuation from the $2.2 billion that it achieved in a $200 million round last year.

Deliberations are ongoing and details of the fundraising could still change, the people said. A spokesperson for Gong didn’t respond for comment, while a representative for Franklin Templeton declined to comment.

Gong’s software, which helps companies organize customer data, uses artificial intelligence to improve sales and reduce customer churn, according to its website. Its existing investors include Coatue Management, Battery Ventures, Sequoia Capital, Index Ventures and Salesforce Ventures.

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