For sales reps, compensation plans are often complicated and lack transparency, leading to accounting errors and frustration. Everstage, a sales commission platform, solves this problem and lets sales reps see exactly how much they’ve earned. It also has features to estimate how much commission they can potentially earn from their deal pipeline. Today, the startup announced it has raised $13 million in series funding led by Elevation Capital.
TechCrunch covered Everstage for the first time last August when it announced a $1.7 million seed round from 3one4 Capital, which also returned for that round.
Everstage was founded in 2020 by Siva Rajamani, former Head of Freshworks’ Global Revenue Operations team, and Vivek Suriyamoorthy. His clients include Chargebee, Postman, Nitro, Hackerrank and CleverTap.
Everstage has added new features over the past year: visibility of instant commissions on Slack, contract management, and incentive gamification. For example, sales reps can enter different scenarios and see how that affects their payout estimates. Everstage also has leaderboards so sales reps know how they rank in their team.
Rajamani told TechCrunch that Everstage’s revenue has increased fivefold since seed funding, thanks to a sixfold increase in customers. While the majority of Everstage’s customer base is in the United States, the company now also has customers in Europe, Asia Pacific and Africa. It is used by companies in industries such as technology, business services, financial services, insurance, health technology, and logistics. Everstage also increased the size of its team from 20 at the time of seed funding to 70 now.
Funding will be used to expand Everstage’s go-to-market, product and engineering teams, as well as branding and marketing.
In a prepared statement, Akarsh Shrivastava, Principal at Elevation Capital, said: “We were very impressed with how Everstage elegantly enabled companies to design and manage even the most complex blueprints while maintaining a modern UI, unlike current legacy vendors /UX to ensure consumer app-like experience.”
Everstage raises $13M Series A to make sales commissions more transparent – TechCrunch Source link Everstage raises $13M Series A to make sales commissions more transparent – TechCrunch