Sales commission management software provider CaptivateIQ Inc. is receiving a $100 million infusion to further its mission of helping companies leverage the power of sales team incentives.
Today’s Series C round was led by Iconiq Growth and existing investors Sequoia and Accel, with Sapphire Ventures also participating as a new investor, bringing CaptivateIQ’s total amount raised to date to 164.6 million. dollars for a valuation of $1.25 billion.
CaptivateIQ is one of the biggest players in an emerging class of incentive compensation management platforms that help companies track and manage sales commissions with automated workflows.
Its platform combines automation with the ease of traditional spreadsheets, helping organizations of all sizes create, preview, and launch custom sales commission plans and calculate payouts for their sales teams. Meanwhile, admins can track the performance of individual agents, share their results and earnings, and settle compensation claims.
Other features of the CaptivateIQ platform enable companies to design and apply employee assumptions, manage exceptions, implement calculation formulas, manage adjustments, and run pay-in-time simulations. real. Admins can also gain insights into transaction trends and volume by average size, type, and more using metrics and KPIs. Additionally, the platform supports integration with Salesforce, making it easy to sync data across deals and consolidate information from multiple spreadsheets and systems into a unified workbook.
Altogether, CaptivateIQ offers a huge range of features for sales team management and has won a lot of fans. Over the past year it has grown in size, with revenue tripling, he said today, although he did not provide specific revenue figures.
Co-Founder and Co-CEO Mark Schopmeyer said companies today more than ever are embracing the power of incentives to ensure their employees are motivated and engaged in the age of remote working. .
“We process our monthly commission payments 60x faster with the CaptivateIQ platform without sacrificing accuracy for speed,” said Bryan Bayless, Vice President of Revenue Operations at Gong.io Inc. “Thanks to its flexibility , transparency, and automation, CaptivateIQ has become an essential partner in scaling revenue operations for our rapidly growing business organization.”
CaptivateIQ said it will use the funding received today to continue developing its core product and functionality. To that end, it will add more hires to its engineering, product, and design teams. It will also seek to expand its sales and marketing teams to support its growth.