[Funding alert] SaaS startup Everstage raises $13M in Series A from Elevation Capital

Chennai and Delaware-based SaaS company Everstage, on Wednesday, said it has raised $13 million in Series A from Elevation Capital with participation from existing investor 3one4 Capital.

The startup plans to use the funding to further expand its sales, engineering, and solutions teams to serve customers worldwide. The 50-member team is expected to grow 3x to 150 members by the end of the year.

In an interaction with YourStory, Siva Rajamani CEO & Co-founder, Eververstage, said,

"A lot of the hiring will happen in Chennai, which is where we are primarily based. But as we are building for the world, we will cover across regions and geographies. So major part of investment is going to go in hiring while brand building and marketing will be the other areas to support international customer base."

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Siva, who previously served as the Director and Head of Revenue Operations at Freshworks, added, "While I was running global revenue operations at Freshworks, we were looking for solutions in the market to manage commission process and weren't able to find any. That kicked off the whole process of starting Everstage."

Founded in 2020 by Siva Rajamani and Vivek Suriyamoorthy, Everstage helps companies drive the performance of their customer-facing teams through a no-code sales commission automation platform.

Commenting on the investment, Akarsh Shrivastava, Principal at Elevation Capital, stated,

"With ever increasing data on GTM motions, companies are constantly looking to design creative incentive plans to drive sales performance. Everstage elegantly allows companies to design and manage even the most complex plans, while ensuring a modern UI/UX and a consumer app like experience. This is currently missing from the legacy vendors value chain. Super excited to back the Everstage team as they build the RevOps platform of the future."

“We have been extremely privileged to be working with Siva, Vivek, and the entire Everstage team over the last two years and have been highly impressed by their execution. We are excited to welcome new partners into the journey and double down ourselves as the team further scales their GTM and cement themselves as the most trusted sales commission management software for the enterprise,” added Anurag Ramdasan, Partner at 3one4 Capital.

With this round, the startup has raised a total of $15 million in funding so far. Last year, it raised $1.7 million in its seed round.

In just six months from its previous round, Everstage claims to have grown by 5X in revenue and 6X in customer base. At present, it has customers across four continents including the likes of Chargebee, Postman, Nitro, Hackerrank, and Clevertap.