Microsoft-backed sales software maker Outreach Inc becomes a unicorn

Outreach Inc., a software maker that helps to automate essential, but mundane work for salespeople, crossed the billion-dollar valuation threshold – joining the rapidly expanding club of unicorn startups.

Outreach is now worth $1.1 billion after raising $114 million in a funding round led by Lone Pine Capital, the Seattle-based company said Tuesday. Meritech Capital Partners and Lemonade Capital also invested in the round, as well as Microsoft Corp.’s venture capital arm called M12, DFJ Growth, Mayfield, Sapphire Ventures, Spark Capital and Trinity Ventures. The latest brings Outreach’s total fundraising to $239 million.

Outreach said the funding round made it the first unicorn, a startup with a value of at least $1 billion, in the sales-engagement market — a type of software that tracks and automates communication in the sales process.