Everstage, a sales performance management software supplier for organizations, has raised $30 million in a Series B fundraising round led by Eight Roads Ventures, with participation from current backers Elevation Capital and 3one4 Capital.
This new investment takes Everstage's total capital to $45 million. Previously, the Chennai and Delaware-based SaaS company raised $13 million in a Series A investment in April 2022. According to a news statement, the freshly raised money will be used to extend Everstage's product capabilities and improve its in-house professional services, resulting in faster time-to-value for customers.
Everstage was founded in 2020 by Siva Rajamani and Vivek Suriyamoorthy and provides a contemporary platform for managing sales commissions. GrayTV, Wiley, Diligent, Trimble, and Paychex are among the many publicly traded corporations and major enterprises that employ its technologies.
Everstage serves a variety of industries, including technology, manufacturing, and financial services, with the goal of making sales compensation a significant driver of business growth. Its flagship product, Crystal, offers real-time commission forecasting for sales people, allowing teams to view future revenues from concluded agreements, eliminating financial uncertainty and increasing motivation.
In addition to Crystal, Everstage provides BI-powered reporting and analytics, providing actionable insights that drive profitable growth through smart sales compensation schemes. Everstage is ranked as the best sales compensation platform by key software review sites like G2 and Gartner, with over 2,000 favorable client evaluations demonstrating its industry leadership.
While Everstage does not provide exact revenue data, it boasts a 300% year-on-year revenue increase last year. Along with its current investment round, the company announced an employee stock ownership plan (ESOP) buyback of Rs 5 crore ($600,000).
Everstage now joins firms such as Swiggy, Whatfix, Urban Company, MyGate, Classplus, Meesho, The Sleep Company, XYXX, Purplle, DeHaat, Leverage Edu, Pocket FM, and Adda247 in offering ESOP buybacks to employees.
