Allbound, a leading partner relationship management (PRM) platform, announced a $43 million majority investment from Invictus Growth Partners, a private equity firm. The capital will be used to accelerate investments in sales, marketing, and for further enhancements to the company’s PRM platform.
The Allbound PRM platform allows companies to accelerate sales and marketing in reseller, referral, and tech-integrated partnerships. Citing Forrester data, Allbound noted that the estimated market size for channel software will grow at a 15% CAGR from $3.2 billion in 2022 to $5.7 billion by 2026, driven by increasing numbers of global partnerships and the proliferation of hybrid work environments. Allbound is outgrowing the overall market, the company said, with over 300% growth in annual recurring revenues since 2019.
“Channel sales often represent an enterprise’s largest revenue driver, and analysts estimate that more than 70% of commerce takes place through channel sales with most of that still tracked on spreadsheets,” said John DeLoche, Co-Founder & Managing Partner at Invictus, in a press release. “Allbound’s platform is a must-have for enterprises looking to grow, track, and gain insights from their channel sales programs.”
Sales and channel partner relationships enable companies to grow revenue faster and more efficiently than marketing alone, said Daniel Graff-Radford, CEO of Allbound. “Allbound has become a preferred PRM platform as more companies choose to enhance and strengthen partner relationships to accelerate their indirect business models. 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.”
“Now more than ever, it is mission critical to gain operating leverage and actionable insights from your indirect sales motion,” said William Nettles, Co-Founder & Managing Partner at Invictus. “Since inception, Allbound has helped define the PRM category through its thought leadership and world class technology.”