B2B Software-as-a-Service (SaaS) startup Everstage has raised $1.7 million in seed funding led by 3one4 Capital.
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, and Ganesh Shankar, CEO of Rfpio, among others.
Founded in 2020, by Siva Rajamani, previously with Freshworks, and Vivek Suriyamoorthy, previously with DE Shaw, Everstage helps companies drive performance of their customer-facing teams through its no-code sales commission automation platform.
Some of the early customers include SaaS unicorns and high-performing companies such as Chargebee, Postman & Lambdatest.
Over the next 12 months, the Company plans to grow their customer base by 20X. Everstage is already working with multiple customers from the US. The Company is planning to launch their operations at a much larger scale in the US in the next 12 months.
Siva Rajamani saw this problem first-hand as the Global Head of Revenue Operations at Freshworks: sales commission management complicates work for ops & finance teams, and lack of transparency leads to stressed sales teams.
Everstage Co-founder CEO Siva Rajamani said, “A typical company spends more than 10% of their budget on commissions. Yet, most companies manage commissions over spreadsheets, losing out on the opportunity to provide visibility and drive sales performance through interventions.”
Legacy vendors have also not addressed this problem effectively. “In my previous role, while evaluating these vendors, we realized that they were really professional services firms disguised as software products. There was neither flexibility for the Ops and Finance team, nor were they set up to motivate sales teams,” he added.
Everstage was born to address this gap as they have built a platform which 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.
3one4 Capital Principal & Head of Investments Anurag Ramdasan said, “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,” he added.