Everstage raises $13M Series A to make sales commissions more transparent
For sales reps, commission plans are often complicated and lack transparency, leading to accounting errors and frustration. Everstage, a sales commission platform, solves that, letting sales rep see exactly how much they earned. It also has features to estimate how much commissions they can potentially make from their deals pipeline. Today, the startup announced it has raised $13 million in Series funding led by Elevation Capital.
TechCrunch first covered Everstage last August when it announced a $1.7 million seed round from 3one4 Capital, which also returned for this round.
Everstage was founded in 2020, by Siva Rajamani, the former lead of Freshworks’ global revenue operations team, and Vivek Suriyamoorthy. Its customers include Chargebee, Postman, Nitro, Hackerrank and CleverTap.
Everstage has added new features over past year: visibility of instant commissions on Slack, contract management and incentives gamification. For example, sales reps can input different scenarios and see how that will affect their payout estimates. Everstage also has leaderboards, so sales reps know how they are ranked among their team.
Rajamani told TechCrunch that since Everstage’s seed funding, its revenues have gone up by 5x, thanks to a 6x increase in customers. While most of Everstage’s customer base is in the United States, it also now has clients in Europe, the Asia Pacific and Africa. It is used by companies in verticals including tech, business services, financial services, insurance, health tech and logistics. Everstage also increased the size of its team from 20 at the time of its seed funding to 70 now.
The funding will be used to grow Everstage’s go-to-market, product and engineering teams, and also on branding and marketing.
In a prepared statement, Akarsh Shrivastava, Principal at Elevation Capital said, “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.”