With commission structures becoming complicated by the day, sales teams often do not have an accurate idea of what they have earned until they are paid. Other challenges in their path include different commission payments for different types of clients or contracts and shared commissions among teams and their managers.
That can make it very difficult for both employers and employees to keep track of what is owed. This is where SaaS startup and commission management platform Everstage comes in, and now, it has pocketed $13 million in Series A funding.
Everstage intends to deploy the fresh funds towards the expansion of its sales, engineering, and solutions teams in order to serve customers across the globe, and increase its team by three times to 150 members by the end of the year.
Leading VC firm Elevation Capital, which is a well-known name in the Indian investing and funding game, led the Series A round, which included participation from Everstage’s existing investor 3one4 Capital.
The Series A funding round comes after the $1.7 million it raised last year in seed funding.
Since its inception two years ago, the sales commission management platform has effectively carved a niche and quickly established itself as the best destination for companies that aim to automate their commission process. These companies span across categories such as technology, business services, financial services, insurance, health tech, and logistics.
In fact, in just 6 months from the previous funding round, the startup clocked a growth of five times in revenue and six times in customer base. Today, its customer base spans four continents – the US, Africa, Europe, and the Asia Pacific – and counts several known companies like Chargebee, Postman, Nitro, Hackerrank, and Clevertap.
“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,” said Siva Rajamani, co-founder and CEO of Everstage.