B2B SaaS startup Everstage has raised $1.7Mn seed funding led by 3one4 Capital for its commissions automation platform that seeks to drive the performance of a company’s customer executives.
The round also saw participation from several prominent angels including Prasanna Sankar, co-founder of Rippling; Krish Subramanian and Rajaraman Santhanam, co-founders of Chargebee; Sidharth Malik, CRO of Freshworks; Koti Reddy, CTO of Conga; Vetri Vellore, CEO of Ally.io; Utsav Somani, Partner at Angellist India; Ganesh Shankar, CEO of Rfpio among others.
The company identified a huge problem-lack of transparency in the commissions game for companies, and seeks to eliminate this with its no code commission automation process.
Siva Rajamani, Co-founder CEO, Everstage, and previously working at FreshWorks says, “A typical company spends more than 10% of their budget on commissions. Yet, most companies manage commissions over spreadsheets.” This not only causes a managerial hassle, but also takes out the opportunity to drive performance through visibility, eliminating the chance to drive sales through performance through interventions.
Everstage solves that by its platform, allowing employees to avail a gamified experience when it comes to commissions, so that they are pushed to improve performance and drive sales. The platform fully integrates quota and commissions management platform, with a no-code plan designer offering complete flexibility to Ops and Finance teams while gamifying the entire commission’s experience for customer-facing teams.
Thus, Everstage basically turns commissions into a game, where the reward is decided by your performance in driving sales and performance.
The company has already been working with industry titans like Chargebee, Postman & Lambdatest, and plans to grow its customer base by 20X in the next 12 months. Moreover, it also plans to expand its presence in the US, where it has already started seeing some interest from clients.
Anurag Ramdasan, Principal & Head of Investments, 3one4 Capital says, “As customer acquisition and retention have increased in complexity with more roles & workflows than ever, Revops teams have become mandatory to drive revenue. With their considerable experience, the Everstage team is well-positioned to help Revops teams succeed, starting with real-time commission planning and administration, and we’re excited to partner with them.”
The company plans to use these funds for team expansion and B2B focused marketing initiatives.