Salestech Startup QuotaPath Secures $41M to Fix Broken Sales Compensation Strategies
PHILADELPHIA & AUSTIN, Texas--(BUSINESS WIRE)--QuotaPath, a commissions tracking and automation solution for sales and revenue teams, announced today that it raised a $41-million Series B funding round led by Tribe Capital, with participation from existing investors Insight Partners, ATX Venture Partners, Stage 2 Capital and Integr8d Capital.
Bolstered by a 480-percent year-over-year increase in revenue, QuotaPath’s latest round will be deployed to expand its global team, deepen its investment in technical strategy and expand its product portfolio, providing its exponentially growing number of paid users with more tools to track, automate and optimize compensation strategies.
“My co-founders–Eric Heydenberk and Cole Evetts–and I created QuotaPath in 2018 to solve a problem we saw firsthand while building our last startup: the way companies pay their salespeople is broken,” said QuotaPath Co-founder and CEO AJ Bruno, who built and sold his last startup, TrendKite, in 2019 for $225 million. “After two years of carefully developing our product, we created a sophisticated-but-user-friendly solution to that problem; and today’s round means QuotaPath can help more companies fix their broken compensation systems––and, critically, retain their restless sales and growth teams.”
QuotaPath’s founders plan to build an ecosystem of partners that includes integrations with additional CRMs, ERP and payroll programs. This will allow the platform to house the entire commission process, beginning with plan modeling and ending in payment of commissions. In addition to technical upgrades and integration plans later this year, QuotaPath will focus more heavily on partnering with customers on compensation plan strategy and design.
“Backing QuotaPath was an easy decision,” said Sri Pangulur, Partner at Tribe Capital, which led the round. “In today's rapidly evolving talent markets, streamlining incentives is more important than ever to provide unified visibility across sales teams. As the only major player in the space with a product-led-growth sales motion, we believe QuotaPath can become the dominant commission tracking software for companies of all sizes while growing alongside its customer base. AJ and Cole are laser-focused on product development, and we believe QuotaPath will be a critical part of any company's GTM stack.”
Since its $21.3-million Series A in July 2021, QuotaPath has seen a growth surge: In the last eight months, QuotaPath’s number of paid users has grown 335% and it has more than doubled its employee headcount.
“When you build a solution–and continuously improve it–it sells itself,” said QuotaPath Co-founder Cole Evetts, who leads the company’s product team. “This new funding will help us provide our customers with solutions they can’t find anywhere else.”
QuotaPath’s founders attribute the triple-digit growth to their customers’ results: QuotaPath enables the shortest path to maximize quota attainment. Its customers report increases in sales quota attainment, CRM cleanliness and commissions transparency. Customers also indicate that QuotaPath’s solution cuts the time required to run commission payouts by 17 hours on average.
According to Evetts, QuotaPath will continue expanding its platform’s support of large organizations’ complex compensation plans and allowing its customers full visibility and access to track and automate commissions.
“Insight’s reinvestment in QuotaPath is a testament to the company’s leadership team, vision and product,” said Rachel Geller, Managing Director at Insight Partners. “By making compensation plans more accessible and easier to deploy, QuotaPath is empowering sales teams globally to do their best work and be rewarded for it. We look forward to continuing to fuel QuotaPath’s growth journey.”
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 Tribe Capital
Tribe Capital is a team of Silicon Valley technologists and engineers who harness data science and leverage our hands-on operating experience to accomplish two goals: to identify the most significant companies of our generation, and to generate outsized returns by driving growth at each inflection point. The firm has approximately $540 million in assets under management and has made notable investments in Bolt, Carta, Front, Instabase, Momentus, and Relativity Space. An affiliate of Tribe Capital, Tribe Capital Management, LLC, is a United States registered investment advisor. To learn more, visit tribecap.co.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the firm's recent fundraise, Fund XII, brings Insight Partners regulatory assets under management to over $90B. Insight Partners has invested in more than 600 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. 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. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.