[Funding alert] SaaS startup Everstage raises $1.7M in seed round led by 3one4 Capital
Delaware and Chennai-based Everstage, a B2B software-as-a-Service (SaaS) startup, has raised $1.7 million in seed funding led by 3one4 Capital. The round also saw participation from several 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 plans to use the funding for team expansion and B2B focused marketing initiatives.
Founded in 2020 by Siva Rajamani formerly 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 and Lambdatest.
Over the next 12 months, the company plans to grow its customer base by 20X. Everstage is already working with multiple customers from the US. It is planning to launch its operations at a much larger scale in the US in the next 12 months.
Siva Rajamani, Co-founder CEO, Everstage, said,
“A typical company spends more than 10 percent 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 it has 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.
Anurag Ramdasan, Principal and Head of Investments, 3one4 Capital said,
“As customer acquisition and retention have increased in complexity with more roles and 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.”