Everstage raises $13M in Series A as they ramp revenue and customer numbers Everstage is addressing the opaque way commissions are calculated and paid to sales reps providing them and businesses freedom to succeed.
Wilmington, Delaware
|
April 20, 2022 08:30 AM Eastern Daylight Time
Everstage, a modern sales commission management platform, has today announced a $13M Series A funding round led by Elevation Capital. This follows a successful 6 months in which Everstage scaled the business with their revenue growing 5-fold while customer numbers have increased 6-fold. In August 2021, Everstage raised a $1.7M seed round from 3one4 Capital, who have doubled down on their investment in this round.
Founded in mid-2020, Everstage was created to build a modern culture of trust, transparency and happiness among sales teams by providing real-time visibility of performance and commissions. Sales reps also use Everstage to forecast potential earnings from their deals pipeline, thereby, helping companies drive sales performance and align on rep behavior.
Everstage has added several novel features over the last year such as instant commissions on Slack, contract management and gamification of incentives. “We have also seen a clear trend that it is not enough to be just another tracking tool. In this attention economy, we want to capture the rep’s pulse everyday. With our extensive gamification and personalized notifications management inside Slack and email, Everstage has really become a true way to retain and motivate rep towards performance goals” Siva Rajamani, Co-Founder and CEO of Everstage commented.
“Offering transparency to reps is more important than ever to help motivate them and drive revenue growth. Industry studies [Gartner] found that only 24% of sellers can easily calculate their total variable compensation.”
Everstage now has customers across four continents including companies like Chargebee, Postman, Nitro, Hackerrank, Clevertap. David Levanon, Senior Director & Head of Revenue Operations at Chargebee reflected: “When we evaluated commission management tools in the market, it was very clear that in addition to Everstage’s simple and intuitive UI, the implementation and onboarding process is extremely effortless. Their highly configurable plan designer and exciting new features for gamifying incentives and instant access to commissions data set them apart from other vendors".
Siva Rajamani added: “We started Everstage because we identified several pain points with the existing legacy sales commission vendors in the market. The market need was clear – customers wanted an easy to set up and use product that was high on ongoing configurability. Our conviction for disrupting the market has only gone up in the last one year with the amount of customers choosing us over established players.”
Everstage will use this funding round to expand teams and fully focus on capturing the global market demand for sales performance management. Akarsh Shrivastava, Principal at Elevation Capital commented: "With ever increasing data on GTM motions, companies are constantly looking to design creative incentive plans to drive sales performance. We were super impressed at how unlike the current legacy vendors, Everstage, elegantly allowed companies to design and manage even the most complex plans, while ensuring a modern UI/UX and consumer app like experience. Super excited to back the Everstage team as they build the RevOps platform of the future"
About Everstage
Everstage is a modern sales commissions management platform. Founded in 2020, Everstage has quickly established itself as the go-to platform for companies looking to automate their commissions process, with customers now across four continents. Before starting Everstage with Vivek Suriyamoorthy, the startup’s chief technology officer, Rajamani served as the head of business SaaS provider Freshworks’ global revenue operations team, working closely with sales representatives. During his tenure, Freshworks’ annual recurring revenue grew from $30 million a year to $300 million.
About Elevation Capital
Elevation Capital is a leading venture capital firm which provides seed and early stage capital for emerging companies in India. Elevation Capital has been investing in India since 2002 and is currently investing out of its eight pool of capital. The firm is led by Co-Managing Partners Ravi Adusumalli and Mukul Arora, along with three Managing Directors Mridul Arora, Deepak Gaur and Mayank Khanduja. The firm has invested in over 150 companies across Consumer Internet, SaaS, Fintech, D2C, Edtech, Healthtech and Web3/Crypto, and has offices in Bengaluru, Gurgaon and Salt Lake City.
Contact Details
Everstage
Bilal Mahmood
+44 7714 007257
b.mahmood@stockwoodstrategy.com
Company Website
