CaptivateIQ, which has developed a no-code platform to help companies design customized sales commission plans, has raised $46 million in a Series B round led by Accel.
Existing backers Amity, S28 Capital, Sequoia, and Y Combinator also participated in the financing, which brings the San Francisco-based company’s total raised to $63 million since its 2017 inception.
CaptivateIQ must be doing something right. Its revenue has grown 600% year-over-year. To date, it has processed over $2 billion in commissions on its platform across hundreds of enterprise customers including Affirm, TripActions, Udemy, Intercom, Newfront Insurance and JMAC Lending.
“A big part of our growth is that we can help any company that offers a performance-based compensation plan, so we don’t have any restrictions with the types of businesses we work with,” said co-CEO Mark Schopmeyer. “We typically see conversations start with teams that have a minimum of 25 sales people, though we easily serve enterprises and public companies as well.”
The number of payees — defined as someone receiving a payout in CapitvateIQ’s system — was up four times in December 2020 from the year prior. Plus, the company had “back-to-back record months” from September through the end of the year in 2020, according to Schopmeyer.
He, …read more
Source:: TechCrunch – Startups
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