B2B software-as-a-Service startup Everstage has announced that it has raised $1.7 million in 3one4 Capital led seed funding round. Angel investors including Co-founder of Rippling – Prasanna Sankar; Co-founders of Chargebee – Krish Subramanian and Rajaraman Santhanam; CRO of Freshworks – Sidharth Malik; CTO of Conga – Koti Reddy; CEO of Ally.io – Vetri Vellore; Partner at Angellist India – Utsav Somani; CEO of Rfpio – Ganesh Shankar and others participated in the latest funding round.
The startup said that it plans to utilise the funds raised for expansion of team and marketing initiatives focused on B2B.
Siva Rajamani, Co-founder and CEO, Everstage, commented, “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.”
Anurag Ramdasan, Principal and Head of Investments, 3one4 Capital, added, “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.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.