Salt Lake City’s Spiff has introduced a $10 million spherical of funding to increase the gross sales and advertising and marketing efforts for its service that automates fee funds for gross sales individuals.
Some of the most important names in startup tech are utilizing the service to pay their gross sales pressure together with Brex, Workfront, Algolia, and the publicly traded startup, Qualys.
The thought at Spiff is to create a brand new software program class round gross sales compensation administration and it’s gotten buy-in from traders at Norwest Venture Partners, Next World Ventures and Epic Ventures. Seed traders together with Kickstart Album Ventures, Pipeline Capital and Peterson Ventures, returned to spend money on the corporate as properly.
“Commissions are a serious trigger of hysteria for groups who don’t perceive or belief their incentive plan and plenty of waste hours each month correcting errors or arguing with finance, which hits backside strains,” mentioned Spiff chief govt, Jeron Paul. “Norwest’s funding will assist us automate fee calculations so gross sales groups have one much less factor to fret about in these difficult occasions.”
Paul, a serial entrepreneur whose most up-to-date enterprise, Capshare, was offered to Solium in 2018, has spent the higher a part of his skilled profession growing providers companies for enterprises.
“The world of gross sales compensation software program is lengthy overdue for a revamp,” mentioned Sean Jacobsohn, accomplice at Norwest Venture Partners, in an announcement. “With 85 p.c of firms nonetheless calculating gross sales commissions manually in Google Sheets or Excel, I’m excited to accomplice with Spiff to assist rework the way in which individuals take into consideration gross sales compensation and supply gross sales groups with a deeper degree of visibility into their commissions.”