Everstage, a Delaware and Chennai-based software-as-a-service (SaaS) start-up, has raised $13 million in Series A from Elevation Capital. The round also saw participation from the existing investor 3one4 Capital.
Everstage plans to use the proceeds to further expand its sales, engineering and solutions teams. The 50-member team is expected to grow three times by the end of the year. Founded in 2020 by Siva Rajamani and Vivek Suriyamoorthy, Everstage automates the sales commission processes for companies. The B2B start-up helps companies drive performance of their customer-facing teams through its no-code sales commission automation platform. Some of its early customers include SaaS unicorns and high-performing companies such as Chargebee, Postman & Lambdatest.
“We started Everstage because we identified several pain points with the existing legacy sales commission vendors in the market. The market need was clear – customers wanted an easy to set up and use product that was high on ongoing configurability,” Everstage Co-Founder & CEO of Everstage Siva Rajamani said.
Offering transparency to reps is more important than ever to help motivate them and drive revenue growth as per a study by Gartner: “Of surveyed account executives, only 24% of sellers can easily calculate their total variable compensation.”
Akarsh Shrivastava, Principal at Elevation Capital, said, “With ever increasing data on GTM motions, companies are constantly looking to design creative incentive plans to drive sales performance. Everstage allows companies to design and manage even the most complex plans, while ensuring a modern UI/UX and a consumer app like experience.”
Anurag Ramdasan, Partner at 3one4 Capital, said, “We are excited to welcome new partners into the journey and double down ourselves as the team further scales their GTM and cements themselves as the most trusted sales commission management software for the enterprise.”