**TL;DR: As AI has swept through sales and growth teams, Clay has emerged as one of the key systems of record for modern go-to-market teams. Sacra estimates [Clay](/content/c/clay/index.html) hit [$100M ARR in November 2025, up 263% YoY](/content/research/clay-revenue-growth-valuation/index.html), [valued at $3.1B](/content/research/clay-revenue-growth-valuation/index.html) as of its June Series C led by CapitalG for a 31x forward revenue multiple. For more, check out our [full report](/content/c/clay/index.html) and [dataset](/content/research/clay-revenue-growth-valuation/index.html) on Clay.**

Key points via Sacra AI:

- [**Clay**](/content/c/clay/index.html) **(founded in 2016) emerged out of the neo-spreadsheets trend pioneered by** [**Airtable**](/content/c/airtable/index.html) **(founded in 2012) as a horizontal productivity tool before** [**Equals**](/content/c/equals/index.html) **(for finance),** **Rows (for BI) and** [**Clay**](/content/c/clay/index.html) **(for sales) launched for specific verticals, with Clay focusing on helping go-to-market teams build outreach lists by importing a list of prospects, enriching it with data from 100+ providers, and syncing it into a sequencer to power the outbound**. Instead of charging per seat, [Clay offers unlimited seats across all of its plans](/content/c/clay/index.html) and monetizes based on credit-based subscriptions (from $149/month Starter with 2K credits/month to custom Enterprise) that meter each enrichment and AI action, with usage tending to cluster around single power-user "GTM Engineers" who function as internal product owners.
- **Finding initial traction with cold email agencies managing many-vendor enrichment stacks before getting picked up by GTM teams at companies like** [**OpenAI**](/content/c/openai/index.html) **,** [**Canva**](/content/c/canva/index.html) **, and** [**Anthropic**](/content/c/anthropic/index.html) **, Sacra estimates Clay hit** [**$100M ARR in November 2025, up 263% YoY, valued at $3.1B**](/content/research/clay-revenue-growth-valuation/index.html) **as of its June Series C led by CapitalG for a 31x forward revenue multiple.** Compare Clay as a data-focused provider to all-in-one GTM platform [Apollo.io](/content/c/apollo/index.html) at [$150M ARR in May 2025, up from $134M at the end of 2024 and growing 34% YoY, last valued at $1.6B for a 10.7x multiple](/content/research/apollo-revenue-growth-valuation/index.html), and to ZoomInfo (NASDAQ: GTM) at $1.23B in TTM revenue, up 2% YoY, valued at $3.1B for a 2.5x multiple.
- **While** [**Apollo**](/content/c/apollo/index.html) **, ZoomInfo & HubSpot compete with Clay on data enrichment as all-in-one platforms,** [**Clay**](/content/c/clay/index.html) **positions as complementary with a bring-your-own-API-key model that lets teams run enrichments in Clay using their all-in-one’s API & credits without double counting against Clay credits, and still benefit from Clay for orchestration**. On the back-end, [Clay](/content/c/clay/index.html) has built a marketplace model where [100+ 3rd-party data providers monetize enrichments through the platform](/content/c/clay/index.html) via wholesale relationships such that Clay’s business model both makes margin on credits (via underuse and overages) and purely as workflow & orchestration SaaS.

For more, check out this other research from our platform:

- [Airtable at $375M ARR](/content/research/airtable-at-375m-arr/index.html)
- [Zoelle Egner, early Airtable employee, on customer success for product-led companies](/content/research/zoelle-egner-customer-success-product-led-growth/index.html)
- [David Peterson, early Airtable employee, on the future of product-led growth](/content/research/david-peterson-product-led-growth/index.html)
- [Bobby Pinero, CEO of Equals, on bringing joy to finance teams](/content/research/bobby-pinero-equals-alternative-modern-data-stack/index.html)
- [Apollo at $100M ARR](/content/research/apollo-at-100m-arr/index.html)
- [Apollo.io at $150M ARR](/content/research/apollo-io-at-134m-arr/index.html)
- [Taimur Abdaal, CEO and co-founder of Causal, on the future of the "better spreadsheet"](/content/research/taimur-abdaal-causal-better-spreadsheet-category/index.html)
- [Austin Hughes, CEO and co-founder of Unify, on the death of the SDR](/content/research/austin-hughes-unify-warm-outbound-gtm/index.html)
- [Matt Sornson, ex-CEO of Clearbit, on going from data to workflow company](/content/research/matt-sornson-clearbit-future-api-platform-company/index.html)
- [Nico Ferreyra, CEO of Default, on building an end-to-end inbound sales platform](/content/research/nico-ferreyra-default-lead-routing-inbound-sales/index.html)