QuotaPath Secures $21.3 Million Series A to Transform the Sales Commission Landscape
PHILADELPHIA and AUSTIN, Texas, July 28, 2021 /PRNewswire/ -- QuotaPath, a leading commission tracking solution for sales and revenue teams, has secured $21.3M in Series A funding. The round is led by global venture capital and private equity firm, Insight Partners with participation from existing seed investors ATX Ventures, Integr8d Capital, Stage 2 Capital, and HubSpot Ventures bringing the total funding to date to $26.3M. QuotaPath experienced 5x revenue growth since January 2021, serving companies like Guru, Contractbook, and OSG.
Founded in 2018 by AJ Bruno, Cole Evetts, and Eric Heydenberk, QuotaPath aims to help companies build and scale high-performing, motivated growth teams. QuotaPath enables teams to streamline the commission process, avoid inaccurate budgets, incorrect payouts, and unhappy sales reps due to poor sales commission planning, reporting, and administration. With rep-centric dashboards and real-time CRM integrations with Salesforce, HubSpot, and Close.com, sales reps and leaders gain a deeper understanding of their earnings and quota attainment. With frictionless onboarding and formula-free commission plan configuration, teams are up and running in days with instant access to powerful insights.
"The partnerships we have forged through this Series A investment provide us with world-class investors, as well as the resources to continue investing in how we serve our customers," said AJ Bruno, CEO of QuotaPath. "This collective group of investors brings the perfect balance of industry knowledge, category transformation, and go-to-market leadership to help take QuotaPath to the next level on our growth trajectory."
The latest round of funding will allow QuotaPath to double its headcount in Philadelphia, Austin, and remote locations, scale partnerships across the sales ecosystem, and improve its product offerings to Finance and HR functions, with features like ASC 606 and payroll integrations.
"QuotaPath is transforming the process of designing and deploying compensation plans in a way that is accessible to any global organization," said Rachel Geller, Managing Director at Insight Partners, who is joining the QuotaPath Board of Directors. "With a best in class NPS of 75 and strong customer retention, customers raved about QuotaPath's ease of use and fast deployment in their organizations. We are thrilled to welcome AJ and the QuotaPath team to the Insight portfolio as they continue to scale their leading commission tracking platform."
The new financing will also allow QuotaPath to continue collaborating with like-minded sales organizations and community-driven spaces, like current partner Pavilion (formally Revenue Collective). "Now more than ever, companies are joining forces to make an impact on revenue attainment. We are partnering with other forward-thinking companies to make commissions a strategic pillar of an organization, instead of a pain point," said Carrie Fisher, QuotaPath's newest Marketing executive hire.
"We are thrilled to be an investor and look forward to continuing to support QuotaPath as they empower both individual sales reps and leaders, as well as Finance and HR with their unique bottoms-up focus on sales commissions," adds Mark Roberge, co-founder of Stage 2 Capital.
QuotaPath's product integrates across the entire sales motion:
- Commission tracking: Shared dashboards between reps and managers help visualize earnings and track team quota attainment and goals. Sales reps can stay motivated through pipeline forecasting and understand the why behind their commissions.
- Compensation management: Administrators can design compensation plans from scratch or by using 20+ templates. They can easily distribute plans to the right team members and pull in deal data instantaneously through integrations.
- Payouts: Built for finance, accounting, operations, and HR teams to audit and approve earnings, create payout rules and schedules, and export earnings data into payroll softwares.
"I looked at all other tools and they all required formulas – QuotaPath has the easiest UI and building plans are super straight forward. If I wanted to use formulas, I would just use Excel," said Chris Federspiel, CEO of Blackthorn.
QuotaPath was voted G2's Top 50 Products for Sales in 2021 and earned the "Easiest set up" badge for its formula-free way to configure and manage sales commission plans. Currently more than 5,000 sales reps use QuotaPath, with numbers growing weekly.
QuotaPath empowers and aligns sales organizations. Teams across all industries use QuotaPath's diverse set of features to measure performance and drive consistent ROI. As a product-led organization, QuotaPath is dedicated to building a beautiful and easy tool that simplifies commission calculation and quota attainment tracking. Founded in 2018, QuotaPath is co-headquartered in Philadelphia, PA and Austin, TX. For more information, visit quotapath.com or @QuotaPath on LinkedIn and Twitter.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.