October 16, 2024: Everstage, an enterprise sales performance management software company has successfully closed a $30 million Series B funding round. The fresh capital will play a crucial role in enhancing product offerings and expanding professional services to meet growing market demands.
“Our Series B is not just about growth; it’s about a long-term commitment to our customers. This investment will allow us to double down on product innovation and elevate our customer experience with the highest standard of service, unlike anything the market has seen before,” stated Siva Rajamani, Co-founder and CEO of Everstage. His vision reflects a broader trend in the tech industry, where customer-centric solutions are increasingly prioritized to maintain competitive edges.
Founded by Rajamani and Vivek Suriyamoorthy, the Chennai and Delaware based sales performance software platform Everstage specializes in automating sales commission processes through a no-code interface, effectively streamlining operations for customer-facing teams. Before launching the company, Rajamani led global revenue operations at Freshworks, where he significantly boosted annual recurring revenue.
The modular product is designed to adapt to the dynamic needs of organizations, enabling seamless alignment between sales teams and overarching business objectives. “This solution helps organizations dynamically manage their evolving Sales Performance Management needs,” noted Aditya Systla, Partner at Eight Roads Ventures. His firm, backed by Fidelity and managing $11 billion in assets globally, is known for nurturing innovative SaaS companies, positioning this latest investment alongside notable names like Moengage and Icertis.
Funding to support launch of Everstage AI Agent Creation
The new funding will also support the upcoming launch of an AI Agent Creation Studio, which aims to empower RevOps professionals to design and customize AI assistants for tasks ranging from sales performance analysis to strategic modeling recommendations. This introduction of AI reflects a commitment to staying ahead of technological trends and effectively meeting customer needs.
Everstage records 300% YoY growth
In the past year, the Everstage reported an impressive 300% year-over-year revenue growth, showcasing a successful business model and market penetration. Additionally, a recent appointment of Kelly McGuire as VP of Customer Success brings over 15 years of industry expertise from companies like Glassdoor and Sisense, further strengthening the leadership team.
Moreover, an Employee Stock Ownership Plan (ESOP) buyback valued at Rs 5 crore highlights the dedication to employee investment and satisfaction. As the organization embarks on this new growth phase, backing from Eight Roads Ventures and other prominent investors positions it well to redefine sales performance management and enhance its value proposition for a growing clientele that includes Fortune 1000 companies like GrayTV, Wiley, and Paychex.
The latest round of funding was led by Eight Roads Ventures, with participation from existing investors Elevation Capital and 3one4 Capital, this investment elevates total funding to $45 million since the company’s founding in 2020.
